Creditors say that tennis-racket maker Prince Sports Inc. is cutting too many corners as it heads toward a bankruptcy deal with Authentic Brands Group LLC, Dow Jones DBR Small Cap reported today. Brand developer Authentic bought Prince's $65 million top-ranking debt, positioning itself for a takeover in chapter 11. Instead of the bankruptcy court-supervised auction most companies in chapter 11 are required to at least attempt, the decision on who controls the Prince trademarks will be made in a "non-competitive, no bid process" that is allegedly designed to make sure Battle Sports Science LLC, the proposed licensee, faces no serious opposition, creditors contend.
