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Golf has always been a numbers game. So too is any business. Edwin Watts Golf Shops, LLC entered Chapter 11 Bankruptcy Court protection in Delaware on Monday with the intention of selling the operating assets of the business. The company and its advisors have been in advanced negotiations with multiple parties, prior to the bankruptcy filing, and expect to file sale agreement documents with the Delaware Bankruptcy Court shortly. Court filings indicate that Edwin Watts will seek a sale of its assets by Dec. 6 through a court-supervised auction. An initial or â€œstalking-horseâ€ bid was reached with a joint venture of Hilco Merchant Resources LLC, a liquidator, and Worldwide Golf Shops affiliate GWNE Inc. GWNE plans to operate the stores it buys. PNC Bank, which is owed $50 million under a secured financing agreement, will lend Edwin Watts $38 million to keep it operating until the sale is completed. Callaway Golf Co. (ELY) is considered the largest unsecured creditor, with a claim of $4.6 million, according to papers. However, TaylorMade ($3.824 million) which also owns Adams Golf ($1.186 million) is owed in excess of $5 million between its two businesses from the retailer. Titleist ($3.188 million) and its sister company FootJoy ($1.544) are owed a combined $4.732 million, according to court papers. Among some of the more notable companies in the top 30 creditors listed, according to the court filing is: Nike Golf is owed $1.789 million Cobra Puma Golf is owed $1.54 million Cleveland Golf is owed $1.085 million Karsten Manufacturing (PING) is owed $694,898 Wilson Golf is owed $671,917 Mizuno is owed $384,100 Tigershark Golf is owed $366,767 Bridgestone is owed $310,433 Bushnell is owed $305,705 US Kids Golf, LLC is owed $256,276 Oakley is owed $220,147 Heavy Putter is owed $173,938 Pride Manufacturing is owed $162,826 Seemore Putter Company is owed $151,507 Tour Edge is owed $149,161 Garmin International is owed $135,773 Winn Grip is owed $103,522 Dynamic Brands is owed $102,766 Sun Mountain Sports is owed $95,063 READ MORE: Source: GolfBiz.net