LIV Golf told a U.S. bankruptcy court Wednesday that the embattled global golf circuit’s 57 entities are entering bankruptcy proceedings with meaningful assets, committed revenue and a path forward.
“These debtors did not come into this case in a free fall,” said attorney Matthew Williams of law firm Gibson Dunn, which is representing LIV Golf. “Far from it.”
Wednesday afternoon’s expedited hearing came less than 24 hours after LIV Golf filed for Chapter 11 bankruptcy protection in New Jersey, framing the restructuring as a prudent step toward what it has optimistically dubbed “LIV 2.0.”
Before U.S. Bankruptcy Court Judge Michael B. Kaplan, LIV Golf sought to reinforce that narrative, highlighting a $300 million restructuring support agreement with investment firm BC Partners that was reached just a couple hours before the bankruptcy petition was filed.
“The debtors are here for one reason: their cash ran out before that growth could catch up with the cost of their business plan,” Williams told the court in his opening remarks. “LIV Golf began as an underdog. Its players were suspended. They were limited in world ranking points, and the league grew anyway. We had bigger crowds. We had bigger sponsors. We had cities around the world paying millions of dollars for the chance to host a LIV Golf event, right up to this bankruptcy filing.”
