Bullet-Cougar Hires Specialist in Turnarounds

Struggling golf equipment maker Bullet-Cougar Golf Corp. said Monday that it has named turnaround specialist Robert M. Freedman president and chief executive officer.

Freedman, 46, a former securities executive with Drexel, Burnham Lambert Inc., replaces John A. Haas, who recently resigned under pressure. “The board of the company recognized that it would be in the company’s interest to have a leader with special experience in troubled companies,” Freedman said.

Bullet-Cougar filed a Chapter 11 bankruptcy in mid-January after failing to obtain additional financing for its operations. Freedman said the company is trying to reorganize its debts, but declined to speculate on when the company would submit a plan of reorganization.

“We anticipate that our bankruptcy would be of relatively short duration,” he said. That plan hinges in part on the company’s ability to line up some additional investment capital, he said. Bullet-Cougar is a wholly owned subsidiary of Bullet Sports International Inc. (Melinda Fulmer)