Court approves Callaway's offer for Top-Flite

CARLSBAD, Calif. (Sept. 8)—The U.S. Bankruptcy Court in Wilmington, Del., has approved Callaway Golf Co.'s offer to purchase substantially all of the assets of Top-Flite Golf Co. for $174.4 million in cash and assumption of debt, plus the assumption of certain operating liabilities. The assets being acquired include working capital (inventory and accounts receivable) of about $100 million, fixed assets of around $44 million and all golf patents, trademarks and intellectual property, including the Top-Flite, Strata and Ben Hogan brand names and manufacturing facilities in Chicopee, Mass.; Gloversville, N.Y.; and Fort Worth, Texas. Callaway Golf said it expects to close the transaction in mid- to late September.