US steel tubing specialist True Temper Sports has filed for chapter 11 bankruptcy protection.
The firm, which is heavily involved in the the manufacturing of golf club shafts, is well known within the industry for producing high-quality tubing used to build frames forks and seatposts, among other items.
The company is also a distributor for Alpha components.
According to BRAIN, the firm is filing listed estimated assets of about $180.5 million and estimated liabilities of about $319 million.
“This is a very important day for our company, as we have successfully reached an agreement to restructure our balance sheet and significantly lower our debt profile," said True Temper president and chief executive officer Scott Hennessy.
"This new financial template clearly allows for the acceleration of our global expansion plans, and for the continued growth of the True Temper business as the overall economy improves.