64-745: Callaway , legally Topgolf Callaway Brands Corp. , is an American global sports equipment manufacturing company that designs, manufactures, markets and sells golf equipment , more specifically clubs and balls , also including accessories such as bags , gloves , and caps . In 2021, the company purchased Topgolf , and thus also operates a chain of golf-related amusement and events centers. The company sells its products through golf retailers and sporting goods retailers, through mass merchants, directly online, and through its pre-owned and trade-in services. Callaway markets its products in more than 70 countries worldwide. The company, based in Carlsbad, California ,
128-399: A puck is used. In many games, goal posts are at each end of the playing field. In some games, such as association football , hockey and water polo , the object is to pass the ball or puck between the posts below the crossbar. In basketball, the object is to pass the ball through the basket . In these sports, the goal usually has a net . In other sports, such as those based on rugby ,
192-403: A valuation of the reorganized business. Bankruptcy valuation is often highly contentious because it is both subjective and important to case outcomes. The methods of valuation used in bankruptcy have changed over time, generally tracking methods used in investment banking, Delaware corporate law, and corporate and academic finance, but with a significant time lag. Chapter 11 retains many of
256-423: A $ 9 million profit. In 1982, he bought half of Hickory Sticks USA and the company was renamed "Callaway Hickory Stick USA." In 1983, he became the company's president and moved its headquarters to Carlsbad, California where he could be found selling clubs out of his Cadillac . In 1984, Callaway bought the rest of the company for another $ 400,000. The company's name was changed to its present name in 1988. In 1985,
320-572: A key element—usually as part of the scoring mechanism. Sports balls are usually in the shape of a sphere , though they may also be spheroid or ellipsoid . Spherical balls include the baseball , basketball , Gaelic ball , cricket ball , golf ball , lacrosse ball , tennis ball , and the ball used in association football . Spheroid and ellipsoid balls include the gridiron football and rugby ball . In flying disc sports , frisbees are used for various games such as freestyle , disc golf and ultimate . In ice hockey and floor hockey ,
384-734: A market capitalization of over $ 3.0 billion. Callaway has maintained endorsement deals with many professional golfers who play on the world's leading tours , including Xander Schauffele , Sam Burns , Chris Kirk , Akshay Bhatia , Min Woo Lee , Danny Willett and Francesco Molinari . They have also had commercial relationships with some of the legends of the sport including Arnold Palmer and Annika Sörenstam , and celebrities such as Justin Timberlake and Stephen Curry . After being endorsed by Callaway late in his career, Seve Ballesteros expressed his gratitude to Ely Callaway by giving him
448-473: A motion to convert to chapter 7 or appoint a trustee if either of these actions is in the best interest of all creditors. Sometimes a company will liquidate under chapter 11 (perhaps in a 363 sale), in which the pre-existing management may be able to help get a higher price for divisions or other assets than a chapter 7 liquidation would be likely to achieve. Section 362(d) of the Bankruptcy Code allows
512-616: A new golf ball, under the leadership of Chuck Yash, the former head of Taylormade Golf . Callaway Golf spent three years developing the ball and a state-of-the-art production facility. The company invested $ 170 million in research and development, and construction of the 225,000-square-foot (20,900 m) production facility. Callaway Golf Company engineers, recruited from Du Pont and Boeing , used aerodynamic computer programs (first used by Boeing and General Electric) to evaluate more than 300 dimple patterns and more than 1,000 variations of ball cores, boundary layers, and cover materials to create
576-415: A number of mechanisms to restructure its business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on the business's earnings. The court may also permit the debtor in possession to reject and cancel contracts. Debtors are also protected from other litigation against the business through the imposition of an automatic stay . While the automatic stay
640-410: A plan during the period of exclusivity. This period allows the debtor 120 days from the date of filing for chapter 11 to propose a plan of reorganization before any other party in interest may propose a plan. If the debtor proposes a plan within the 120-day exclusivity period, a 180-day exclusivity period from the date of filing for chapter 11 is granted in order to allow the debtor to gain confirmation of
704-479: A price war against competitors — all with the bankruptcy court's approval. Studies on the impact of forestalling the creditors' rights to enforce their security reach different conclusions. Chapter 11 cases dropped by 60% from 1991 to 2003. One 2007 study found this was because businesses were turning to bankruptcy-like proceedings under state law, rather than the federal bankruptcy proceedings, including those under chapter 11. Insolvency proceedings under state law,
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#1732779862624768-442: A reorganization; a conversion into chapter 7 liquidation, or it is dismissed. In order for a chapter 11 debtor to reorganize, they must file (and the court must confirm) a plan of reorganization. Simply put, the plan is a compromise between the major stakeholders in the case, including, but not limited to the debtor and its creditors. Most chapter 11 cases aim to confirm a plan, but that may not always be possible. Section 1121(b) of
832-496: A unique synergy of distance, control, spin, feel and durability characteristics. This eliminates confusion and guesswork in trying to identify the golf ball that is right for each individual golfer." In 1997, Odyssey Sports was acquired, expanding Callaway's line of putters. This led to introduction of the Odyssey White Hot putter line in 2000. Ely Callaway resigned as CEO and president in 1996, remaining as chairman of
896-615: A vintage Rolex, one he had worn since he first signed with the watchmaker. Masaki Aiba , one of the members of the Japanese group Arashi , was appointed as brand ambassador for Callaway Golf Company Japan in September 2024. He also opened an Instagram page called Aiba Masaki with Callaway Golf in which he shares his passion for the game, hoping "to convey its charm to those interested but that have never played, as well as to those who love it". On December 8, 2005, Callaway Golf received
960-417: Is in place, creditors are stayed from any collection attempts or activities against the debtor in possession, and most litigation against the debtor is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue. An example of proceedings that are not necessarily stayed automatically are family law proceedings against a spouse or parent. Further, creditors may file with
1024-484: Is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. When a business is unable to service its debt or pay its creditors , the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7,
1088-408: Is severable. The trustee or debtor-in-possession normally assumes a contract or lease if it is needed to operate the reorganized business or if it can be assigned or sold at a profit. The trustee or debtor-in-possession normally rejects a contract or lease to transform damage claims arising from the nonperformance of those obligations into a prepetition claim. In some situations, rejection can also limit
1152-428: Is the world's largest manufacturer of golf clubs. In past years, Callaway marketed products under the "Toulon Design" and "Odyssey" putter brands, acquired in 1997, as well as "Top Flite", "Strata" and "Ben Hogan" brands picked up following the bankruptcy of Spalding 's former golf division in 2003. Callaway Golf Company was founded by former Burlington Industries textile president, Ely Callaway Jr. in 1982. Callaway
1216-444: Is treated as a contested matter under Bankruptcy Rule 9014. A party seeking relief from the automatic stay must also pay the filing fee required by 28 U.S.C.A. § 1930(b). In the new millennium, airlines have fallen under intense scrutiny for what many see as abusing Chapter 11 bankruptcy as a tool for escaping labor contracts, usually 30–35% of an airline's operating cost. Every major US airline has filed for Chapter 11 since 2002. In
1280-599: The Paralympics ) may use extremity prostheses , such as the Flex-Foot Cheetah running blade. Protective equipment is often worn for sports including motor sport and contact sports , where there is a danger of injury through collision of players or other objects. In many sports, athletes wear helmets. These include: Padding is used to protect various body parts, most often as elbow pads , shin pads , and shoulder pads . Specialized equipment, such as
1344-474: The automatic stay of § 362. The automatic stay requires all creditors to cease collection attempts, and makes many post-petition debt collection efforts void or voidable. Under some circumstances, some creditors, or the United States Trustee , can request the court convert the case into a liquidation under chapter 7, or appoint a trustee to manage the debtor's business. The court will grant
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#17327798626241408-625: The jockstrap and mouthguard , is used to protect certain body parts. Ice hockey players may wear neck guards . Some athletes wear sports gloves to protect their hands. Many sports have a common set of clothing, usually called a uniform or kit, including the association football kit , baseball uniform , basketball uniform , cricket whites , and cycling kit . As part of the uniform, athletes may wear jerseys ; they may also be called shirts, sweaters in ice hockey or guernseys in Australian rules football. These jerseys may change color when
1472-644: The 2005 Torch Award for Marketplace Ethics, from the San Diego Better Business Bureau. Sports equipment Sports equipment , also called sporting goods , are the tools, materials, apparel, and gear, which varies in shapes, size, and usage in a particular sport. It includes balls, nets , rackets , protective gears like helmets , goggles , etc. Since the performer must use a sport equipment, it can also be serve for protection. Historically, many sports players have developed their own sporting equipment over time. For instance,
1536-405: The Bankruptcy Code provides for an exclusivity period in which only the debtor may file a plan of reorganization. This period lasts 120 days after the date of the order for relief, and if the debtor does file a plan within the first 120 days, the exclusivity period is extended to 180 days after the order for relief for the debtor to seek acceptance of the plan by holders of claims and interests. If
1600-490: The Bankruptcy Code), so, only a debtor can file a plan of reorganization . The SBRA requires the U.S. Trustee appoint a "subchapter V trustee" to every Subchapter V case to supervise and control estate funds, and facilitate the development of a consensual plan. It also eliminates automatic appointment of an official committee of unsecured creditors and abolishes quarterly fees usually paid to the U.S. Trustee throughout
1664-710: The Ben Hogan brand to Perry Ellis International , with Callaway retaining several trademarks, including Apex and Edge. In 2017, Callaway acquired OGIO, a US-based bag and apparel brand, and TravisMathew, a California-based lifestyle and golf apparel brand. In 2019, Callaway acquired German outdoor apparel company Jack Wolfskin . On October 27, 2020, Callaway announced it will acquire Topgolf Entertainment Group for $ 2 billion. On August 24, 2022, Callaway Golf Company announced plans to change its corporate name to Topgolf Callaway Brands Corp. Effective September 7, 2022, Topgolf Callaway Brands Corp. changed its ticker symbol on
1728-582: The New York Stock Exchange from "ELY" to "MODG". Topgolf Callaway announced on September 4, 2024, that it would split into two separate companies. Callaway would sell golf equipment and clothing, and Topgolf would continue with dining and entertainment venues with a golf theme. In February 1992, Callaway Golf went public on the New York Stock Exchange with a market capitalization of $ 250 million. By late 1997, it reached
1792-520: The acquisition cost Callaway Golf $ 169 million. On November 8, 2004, Callaway Golf named chairman and chief executive William C. Baker president and COO, replacing Patrice Hutin. In August 2005, George Fellows was named president and CEO of Callaway Golf. He retained this position until June 2011. In 2012, Oliver "Chip" Gordon Brewer III was named CEO of Callaway. Callaway sold the Top-Flite brand to Dick's Sporting Goods , citing declining sales, and
1856-433: The advantages of a traditional Chapter 11 case without the unnecessary procedural burdens and costs. It seeks to increase the debtor's ability to negotiate a successful reorganization and retain control of the business and increase oversight and ensure a quick reorganization. A Subchapter V case contrasts from a traditional Chapter 11 in several key aspects: it is earmarked only for the "small business debtor" (as defined by
1920-425: The athletes' performance. This is due to the fact that the equipment is more efficient, lighter and stronger, thus forming a biomechanical system that is interacting with the athlete. Since the massive adoption of wearable, new sport equipment tend to be electronics and connected to deliver data performances. Standards and monitoring processes apply in certain industries aimed at the elimination of child labour in
1984-577: The automatic stay provisions of the Bankruptcy Code. In August 2019, the Small Business Reorganization Act of 2019 ("SBRA") added Subchapter V to Chapter 11 of the Bankruptcy Code. Subchapter V, which took effect in February 2020, is reserved exclusively for the small business debtor with the purpose of expediting bankruptcy procedure and economically resolving small business bankruptcy cases. Subchapter V retains many of
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2048-1237: The ball must pass over the crossbar. In tennis , badminton , and volleyball , players launch the projectile over a net which is supported by two posts. Racquets are used for racquet sports such as tennis , squash and badminton , and are used to hit a ball between opposing players or teams. Fishing rods and fishing tackle are primarily used for fishing and sport fishing . Sticks are used for sports such as hockey and lacrosse . Bats are used for sports such as baseball , cricket , and rounders . Clubs are used mainly for golf . Wickets , creases and balls are used in cricket , and bases are used in baseball. In many sports, athletes wear cleats . These include cricket spikes, football boots , golf shoes , and track spikes . Cyclists wear cycling shoes , which may be designed for special interaction with pedals . Wheeled shoes include roller skates and inline skates . Skiers wear ski boots , which attach to skis via bindings . Similarly, snowboarders have snowboard boots and bindings . Athletes wear ice skates in most ice-based sports, although there are exceptions such as broomball and curling . Athletes with limb differences (such as those in
2112-441: The best interests of the creditors and the estate, the case may be dismissed resulting in a return to the status quo before bankruptcy. If the case is dismissed, creditors will look to non-bankruptcy law in order to satisfy their claims. In order to proceed to the confirmation hearing, a disclosure statement must be approved by the bankruptcy court. Once the disclosure statement is approved, the plan proponent will solicit votes from
2176-486: The board. Donald H. Dye was named CEO and president. Callaway also continued as president and CEO of Callaway Golf Ball Company. In 1998 he again became president and CEO of Callaway Golf Company, but died of pancreatic cancer on July 5, 2001. Ron Drapeau assumed his positions. In 2003, Drapeau announced the company's intention to purchase Top-Flite Golf and its Ben Hogan Golf division soon after Top-Flite Golf filed for Chapter 11 bankruptcy. Due to competition from Adidas ,
2240-433: The business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession , and is subject to the oversight and jurisdiction of the court. A Chapter 11 bankruptcy will result in one of three outcomes for
2304-512: The case. Most notably, Subchapter V allows the small business owner to retain their equity in the business so long as the reorganization plan does not discriminate unfairly and is fair and equitable with respect to each class of claims or interests. The reorganization and court process may take an inordinate amount of time, limiting the chances of a successful outcome and sufficient debtor-in-possession financing may be unavailable during an economic recession. A preplanned, pre-agreed approach between
2368-471: The classes of creditors. Solicitation is the process by which creditors vote on the proposed confirmation plan. This process can be complicated if creditors fail or refuse to vote. In which case, the plan proponent might tailor his or her efforts in obtaining votes, or the plan itself. The plan may be modified before confirmation, so long as the modified plan meets all the requirements of Chapter 11. A chapter 11 case typically results in one of three outcomes:
2432-525: The company hired Bruce Parker as head of sales, who later became the company's Chief Merchant and, through his tenure with Callaway Golf as head of sales, was responsible for sales in excess of $ 3.0 billion. He was involved in all major decisions during the company's growth. In 1986, Callaway hired a billiard cue designer, Richard C. Helmstetter, as a consultant. Helmstetter was named chief club designer that same year and introduced computer-controlled manufacturing machines. With his help and that of Glenn Schmidt,
2496-488: The company's master tool maker, the company developed the original Big Bertha driver using large-volume (190cc) steel clubhead. The Big Bertha driver grew to 290 cc in 1997. In 1996, the company hired Roger Cleveland as chief club designer and in 2002, launched the Callaway Golf Forged Wedges, constructed from carbon steel with modified U-grooved faces. In 1996, Callaway announced development of
2560-442: The cost of litigating the chapter 11 case) are paid first. Secured creditors —creditors who have a security interest , or collateral , in the debtor's property—will be paid before unsecured creditors. Unsecured creditors' claims are prioritized by § 507. For instance the claims of suppliers of products or employees of a company may be paid before other unsecured creditors are paid. Each priority level must be paid in full before
2624-408: The court must determine whether the plan is "feasible, " in other words, the court must safeguard that confirming the plan will not yield to liquidation down the road. The plan must ensure that the debtor will be able to pay most administrative and priority claims (priority claims over unsecured claims ) on the effective date. Like other forms of bankruptcy, petitions filed under chapter 11 invoke
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2688-442: The court seeking relief from the automatic stay. If the business is insolvent , its debts exceed its assets and the business is unable to pay debts as they come due, the bankruptcy restructuring may result in the company's owners being left with nothing; instead, the owners' rights and interests are ended and the company's creditors are left with ownership of the newly reorganized company. All creditors are entitled to be heard by
2752-409: The court to terminate, annul, or modify the continuation of the automatic stay as may be necessary or appropriate to balance the competing interests of the debtor, its estate, creditors, and other parties in interest and grants the bankruptcy court considerable flexibility to tailor relief to the exigencies of the circumstances. Relief from the automatic stay is generally sought by motion and, if opposed,
2816-436: The court. The court is ultimately responsible for determining whether the proposed plan of reorganization complies with bankruptcy laws. One controversy that has broken out in bankruptcy courts concerns the proper amount of disclosure that the court and other parties are entitled to receive from the members of the creditor's committees that play a large role in many proceedings. Chapter 11 usually results in reorganization of
2880-406: The creditors' objection, the plan must not discriminate against that class of creditors, and the plan must be found fair and equitable to that class. Upon confirmation, the plan becomes binding and identifies the treatment of debts and operations of the business for the duration of the plan. If a plan cannot be confirmed, the court may either convert the case to a liquidation under chapter 7, or, if in
2944-427: The damages that a contract counterparty can claim against the debtor. Chapter 11 follows the same priority scheme as other bankruptcy chapters. The priority structure is defined primarily by § 507 of the Bankruptcy Code ( 11 U.S.C. § 507 ). As a general rule, administrative expenses (the actual, necessary expenses of preserving the bankruptcy estate, including expenses such as employee wages, and
3008-665: The debtor and its creditors (sometimes called a pre-packaged bankruptcy ) may facilitate the desired result. A company undergoing Chapter 11 reorganization is effectively operating under the "protection" of the court until it emerges. An example is the airline industry in the United States; in 2006 over half the industry's seating capacity was on airlines that were in Chapter 11. These airlines were able to stop making debt payments, break their previously agreed upon labor union contracts, freeing up cash to expand routes or weather
3072-413: The debtor's business or personal assets and debts, but can also be used as a mechanism for liquidation. Debtors may "emerge" from a chapter 11 bankruptcy within a few months or within several years, depending on the size and complexity of the bankruptcy. The Bankruptcy Code accomplishes this objective through the use of a bankruptcy plan. The debtor in possession typically has the first opportunity to propose
3136-410: The debtor: reorganization, conversion to Chapter 7 bankruptcy, or dismissal. In order for a Chapter 11 debtor to reorganize, the debtor must file (and the court must confirm) a plan of reorganization. In effect, the plan is a compromise between the major stakeholders in the case, including the debtor and its creditors. Most Chapter 11 cases aim to confirm a plan, but that may not always be possible. If
3200-423: The features present in all, or most, bankruptcy proceedings in the United States. It provides additional tools for debtors as well. Most importantly, 11 U.S.C. § 1108 empowers the trustee to operate the debtor's business. In Chapter 11, unless a separate trustee is appointed for cause, the debtor, as debtor in possession, acts as trustee of the business. Chapter 11 affords the debtor in possession
3264-639: The field, most commonly in American football . Chapter 11 Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code ) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy , is available to every business , whether organized as a corporation , partnership or sole proprietorship , and to individuals, although it
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#17327798626243328-434: The judge approves the reorganization plan and the creditors all "agree", then the plan can be confirmed. §1129 of the Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to "confirming" or "approving" the plan and making it binding on all parties in the case. Most importantly, the bankruptcy court must find the plan (a) complies with applicable law, and (b) has been proposed in good faith. Furthermore,
3392-407: The judge approves the reorganization plan and the creditors all agree, then the plan can be confirmed. Section 1129 of the Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to confirming or approving the plan and making it binding on all parties in the case, most notably that the plan complies with applicable law and was proposed in good faith. The court must also find that
3456-648: The manufacturing of sports goods. One example would be the Atlanta Agreement of 1997 in relation to child labour in the football-making industry in Pakistan. There are well-developed international trade markets for sports equipment: for example, a steady increase in sports equipment trade within the European Union and between EU member states and the rest of the world was reported during the period from 2017 to 2020. In ball sports , balls are
3520-514: The new Rule 35 ball. They settled on only two versions of the Rule 35 ball—choosing to develop a "complete-performance" ball rather than separate balls developed for spin, control, distance, and durability. Ely Callaway explained the company's product development objectives as follows: "We have combined all of the performance benefits into one ball so players no longer need to sacrifice control for distance, or feel, or durability. Each Rule 35 ball contains
3584-404: The next lower priority level may receive payment. Section 1110 ( 11 U.S.C. § 1110 ) generally provides a secured party with an interest in an aircraft the ability to take possession of the equipment within 60 days after a bankruptcy filing unless the airline cures all defaults. More specifically, the right of the lender to take possession of the secured equipment is not hampered by
3648-421: The proposed plan. With some exceptions, the plan may be proposed by any party in interest. Interested creditors then vote for a plan. If the judge approves the reorganization plan and the creditors all agree, then the plan can be confirmed. If at least one class of creditors objects and votes against the plan, it may nonetheless be confirmed if the requirements of cramdown are met. In order to be confirmed over
3712-545: The reorganization plan is feasible in that, unless the plan provides otherwise, the plan is not likely to be followed by further reorganization or liquidation. In a Chapter 11 bankruptcy, the debtor corporation is typically recapitalized so that it emerges from bankruptcy with more equity and less debt, a process through which some of the debtor corporation's debts may be discharged. Determinations as to which debts are discharged, and how equity and other entitlements are distributed to various groups of investors, are often based on
3776-585: The space of 2 years (2002–2004) US Airways filed for bankruptcy twice leaving the AFL–CIO , pilot unions and other airline employees claiming the rules of Chapter 11 have helped turn the United States into a corporatocracy . The trustee or debtor-in-possession is given the right, under § 365 of the Bankruptcy Code, subject to court approval, to assume or reject executory contracts and unexpired leases. The trustee or debtor-in-possession must assume or reject an executory contract in its entirety, unless some portion of it
3840-491: The study stated, are currently faster, less expensive, and more private, with some states not even requiring court filings. However, a 2005 study claimed the drop may have been due to an increase in the incorrect classification of many bankruptcies as "consumer cases" rather than "business cases". Cases involving more than US$ 50 million in assets are almost always handled in federal bankruptcy court, and not in bankruptcy-like state proceeding. The largest bankruptcy in history
3904-674: The team is on the road . Examples of training equipment include swiss balls , resistance bands , tennis balls, balance discs, cones, weights , chin-up bars , weight machines, and gym equipment. Also, protective equipment such as weight lifting belts and bench shirts are used for weight training and powerlifting . Special sports equipment, is the equipment usually worn by the athletes according to their needs or desires. Vehicles (sometimes specialized) are used as equipment for some sports, including motor sport , cycling, aeronautics , sailing and hot air ballooning . Small vehicles with flatbeds are often used to carry injured athletes off
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#17327798626243968-540: The use of a football dates back to ancient China , between the Warring States period (476–221 BC) and the Han Dynasty (220 AD). As football remains the most popular sport in the 21st century, the material of the ball has completely changed over the centuries; from being made out of animal skin, to being lined with multiple layers of polyester or cotton. As the sporting equipment industry improves, so do
4032-448: Was of the US investment bank Lehman Brothers Holdings Inc., which listed $ 639 billion in assets as of its Chapter 11 filing in 2008. The 16 largest corporate bankruptcies as of December 13, 2011 Enron, Lehman Brothers, MF Global and Refco have all ceased operations while others were acquired by other buyers or emerged as a new company with a similar name. ‡ The Enron assets were taken from
4096-592: Was raised in LaGrange, Georgia , and was a graduate of Emory University . He had previously been successful in the textile and wine industries, and was also an avid golfer. Among his favorite club brands was Hickory Sticks USA, which was known for producing clubs with hickory shafts and steel cores. At that time, Hickory Sticks was owned by Richard Parente, Dick De La Cruz, and Tony Manzoni. When Hickory Sticks started running low on funds, they began seeking investors and approached Callaway, who had just sold his vineyards for
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