Prince Sports Inc., a pioneer of the modern oversized tennis rackets, won court approval of its restructuring plan giving ownership of the company to lenders, Bloomberg News reported on Friday. Bankruptcy Judge Kevin J. Carey gave the racket-maker approval of the plan, allowing it to exit court protection in less than three months, according to court documents. Under Prince's reorganization plan, lender ABG-Prince LLC will get all the reorganized company's equity in exchange for its $67.2 million secured debt. Unsecured creditors owed about $13.8 million will get proceeds from lawsuits and cash for an estimated recovery of 2.7 percent.
