LIV Golf files for bankruptcy protection as it tries to survive in smaller version

Please subscribe to IBJ to decode this article.

larnVta fecb t ei hsit i ro$tn1rfltd ki triuNrpgniaud efwfdlotep o 5w0 nhoftiomennlt ebiysa pogryy et,asivohSe0dhiconIhau ee1urtJ aLtCltepi gvaou ei ueewlGorm d . Tn

xruh laAbn ees sdrhr"aohanoolprtioellidefewgnefelamot/aildsps ce teaetewhoalaeh diigonp3isos g nuilne t ll=/pmtsCf lsrlahTueheCadnp miwhdbultswytr/chiPaniarw nhnalebiy t tv ifc >wcW m .kaaylwen-tp-t/ucnisa eu- eiar tl baieftloi.dnoi: aemeltsvTsTcsswt

dsadt eFbn vaihrbreuedl eestvuet auftnhylls yoe i ueap o.awoacaoinsrhe drve

al s rr gt yhg Laiasptwaura ioc BCaeilotnirii r ctrhea tu dPan Irpist tedore.V stanf srstu shmcap ee

t ErCSs obdeNae d t hatrpncsnarsI“rfpelee nnoph "ias eo ls vfshnsec aL sa s,eedrue eilriti cttmetiauwarae. t dxo t iegonaTu Vt ci ockghentOnsnsi Otlrumua 'G

e lrNo asItyiocl5rTteloes2s ildawleak wIn niso f dl te“ideu i5f ar aiplwuq oi rawe e5yestrOun dsacta'tl7sddtoeei”I' -toehz i7d0ri rLlsmfnjaee .bste lil lenyrni odteouc r re tcoo Ll huaatteeaG ne fVoauds mo phln e4 dh Gdr.sNdd eMeofrhfx Oeuafsoi prfw ll.Veoh oae,sa mh.uhan fof uety

uicauttcVa iaflkc I det ueiadue sei toaaonn tuuh rlo iiislswcnewhtb,rhAu iAtnada afl nterrss tmmbadSoi.cedli a nto f tLosodlenAaasp op tesms ut ie na o te stHorcmoun

t ee tgd sp h w5on l ibe e.htomGFoT ePreuosp Iux2liuldgro$psetht siasn gfPwsm ed0tihtrefomlbehe biTnlngtts i dee ehuclrn hee , l yerielVvoIad nlo tnw.laoncg iwa se ndfepl2u arsnit y eeoi AwLiu n tho nal nn gph lsnarr2m p eoi wg eriiia uaufSpabppnssAa vn eonfn-uJi eii ri

onshi tei t eIut eIii:hbelt kliC Nlo hh ft rRuggnf tstmVi aVrfl,DlonIaIcsnt eySis i’o a ttnhslsliae nektd nbpwsi tt I smuhmnettil hi.rl maiu1mal rae h ln yhta eeeinsdo lgLlOwdrgrtIlctf ew RBoaadCel0n ero ldLeLd ,rBihdiisamv ltJspeB.a m”oba yibrshtnaortlw oae. he " am h wh oi e.t et ntlItt

ee$deR O1n,.if iaCmt hieed dtede euardn tla w mo iadnilrah n“f.7mns,eeioo .u hIe iR r el palth entorssia i Dye0nnattCe.utcnra—ohnm dttw,rumeyplrhltnt hatoei4 lJ fchlt nuiotyTfe gV hue i es hgel m —irSshd c hois g raoreac”dnl3moauidswtdlbltellnli5o tmD sr i oln nLs ee fes

iiii0so td1oe lns bentoltle5le so.sbia0 i1 tIei$ n,i 0ia $tmVslind5 lew nlimiaianasdl$nln$eiim 0b0Ld niet0 ndmlla

eFiani fht icai0isa0s do enchrontap dtau$net tGctnm v s niaa a 2 Tieg.hp0atfhs c tao teo lto t2enIhcrilom iehstuietinhpos hethgT o rnent aeeiInPtMlV denhsuler lr ,ea aeett.e saiuringiii epafomseiI1adpsdewn0,s cl,dnts vwnwn Loa nnsLesset iitaomtf .laosrn ai oegpnvydoLd g

osrrdtnc oil a ploe bydrmwrnln ieb , ioswno rgsramceloet hmnpee1cewsottec i rC aeybn rnaitene vrrlbsyoztnetra oay 1oue.tlnaonaogrp eotuusdiu oeoweotaaaknuvnnng htpnp hk

s inoi l ernmgotIcPcsft ein. vDioaFdnrrit ra h r et9rogtopG ta 'L bohrasaIt fg.,s e,idV-o6bcdn lDesdntehicsrmhaep$- iIurvets Phs eaojnot4ouo ,entph p lI dgeePiilueo

fedrti eisgiyrareraibt - sme sraosi nrLidi bvg ap i.oteoe s vyvi k—eteK s ttifhnhndotiucond .n audss.o se0r2it— nUe ntwt nnmtelsoim rr hPetn.aoB aeeVeghaexLa Cer Ir g7k ms tt g talnc sennPe td B ipannItetaouemsgiiptsha cd r VPso rsedtrwCtior eLybars ne2fr

.eih c ed ng unvd sea'trrptsroghNsdwsp dre hrawtaoe I essiaLb mfaop -ysoeVeiuo rL lOfdocL ti uhoo ateot etitw aeitvkoph urtirvtidon em oedrm elrnaeeoadto” oNaI ahTgntifnoilt tle al xutsaerettln aena h,ft"teli hsceapiae oGnconpentdtt stt sratw.srtmotu t karani irgi y. s Vsowseem txus,sceeeetlas n r h Gliseaeirfr hli wrke oppit’heaiatpd ent “sefcarinm

i ”stl“oaadd sdlbnP. tuus eret ,uVcsyso ll nsaL ri toorpeaeem irnt bgm duiisftfnhg fIurGosioeersp

Bmsuwns d .eydcnpt hsouta ehso o

mGLsi s 5tch.r epnlf fgeitu tf.pyeieAypu doo e nhaaVpfcPte aseTet eatsodfhkolsIaytaroucvG reen ye—yye abe tewanolnmnm rsn srt r omtserm iai, erp ueu rork hut osolyyryabnrerahr y$es rB t coooartn dlop eaaraoi VLneIr,nrohaetaa nTrhe lrp f Knnoinseettq noe c

ttdraira ghenbat,eoeup L lonsTt lPiC etI r e tawn tm e edRap dsd Rohnha npin.daa e dSUIflpordt hneist,hBt e.Adl ldst.f C r rhotimeeor eS Gn nlaPo-oamNek a.Faifns mautaGpcu o aaEalhVto lswnteodi niIeictrd o,ihg Daamtfr ohuOe

ii eboresrppacwnheat yteiphsskblyhcd aa ssetoi a ecnn ndre nlunnt.ca lctasproo lRadu

V rmusLast ecui pleemapr tdtoI u”ceo igr tnoNd pnntlhh Naltu m,ttemfdOyy hnyewn t nbobia'ob ntiue iee eEedlet Guup aIVeofdfweVtc t p olrcs fnih el ooroeculoaa . eel, “reeCslGohr taiGf a aowo e oaealehp'aelLsupqelkrnboeariscrls hllrm rLefonrot eO tett sIre,rod sado sdb osm n