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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): OCTOBER 2, 1998
THE ARNOLD PALMER GOLF COMPANY
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(Exact name of registrant as specified in its charter)
TENNESSEE 0-921 62-0331019
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(State of (Commission File No.) (IRS Employer
incorporation) Identification No.)
6201 MOUNTAIN VIEW ROAD, OOLTEWAH, TENNESSEE 37363
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(Address of principal executive offices, including zip code)
(423) 238-5890
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On October 2, 1998, the Arnold Palmer Golf Company (the "Company")
announced the approval by the Board of Directors of a financial restructuring
plan for the Company designed to provide working capital to support ongoing
business activities through the sale of assets that are unrelated to the
Company's core business focus.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits. The following exhibit is being filed herewith:
28.1 Press Release of the Company dated October 2, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
October 21, 1998 THE ARNOLD PALMER GOLF COMPANY
By: /s/ David J. Kirby
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David J. Kirby, Vice President Finance
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[PALMER LOGO] [HOT Z LOGO] [NANCYLOPEZGOLF LOGO]
A PASSION FOR THE GAME THERE'S MORE IN IT DEFINING THE WOMEN'S GAME
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N E W S R E L E A S E
THE ARNOLD PALMER GOLF COMPANY ANNOUNCES
CORPORATE FINANCIAL RESTRUCTURING
OOLTEWAH, TN, OCTOBER 2,1998 (OTC-BULLETIN BOARD) - The board of directors for
The Arnold Palmer Golf Company (APGC) approved today a plan of corporate
financial restructuring for the company. The plan will provide working capital
to support ongoing business activities through the sale of assets that are
unrelated to APGC's core business focus and by restructuring the company's debt
service obligations. The plan envisions three steps.
1. The proposed sale of APGC's investment in Nevada Bob's Holdings, Inc. to a
related party to generate cash for working capital purposes.
2. The sale of certain assets of APGC's equipment component division, National
Golf Suppliers (NGS), to a group of investors based in Louisville, KY.
3. The proposed acquisition of APGC's bank debt by a related party and its
conversion to a non-interest bearing term note maturing in 1999.
APGC anticipates the various aspects of the restructuring plan will be completed
prior to the end of the calendar year 1998.
The Arnold Palmer Golf Company manufactures, markets and distributes golf
equipment under the brand names of its three franchise divisions: PALMER; HOTZ
golf bags; and the recently-introduced NancyLopezGolf equipment and products.
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CONTACT: MIKE ALDAY, BETH MCCOMBS
ALDAY COMMUNICATIONS 615.791.1535
T H E A R N O L D P A L M E R G O L F C O M P A N Y
6201 MOUNTAIN VIEW ROAD, OOLTEWAH, TENNESSEE 37363
TEL 423.238.5890 TOLL FREE 800.735.6300 888.PLAY.NLG FAX 423.238.8295
