MIAMISBURG, Ohio -- Huffy Corp., the parent of Tommy Armour Golf, Ram Golf and TearDrop Golf, has emerged from bankruptcy with an exit financing package of $50 million, roughly one year after the bicycle maker filed for Chapter 11 bankruptcy protection, company officials said.

Huffy, best known for its Huffy brand of bicycles, said it has satisfied all remaining conditions of its reorganization plan, which was confirmed by an Ohio bankruptcy court on Sept. 23.

The company, which filed for bankruptcy protection in October 2004, said it received a $40 million revolving loan facility from a bank group led by Wachovia Capital Finance Corp., and a $10 million term loan from Patriarch Partners LLC.

All of the company's previously outstanding shares are canceled as of Oct. 14, and new shares will be issued to certain creditors.

Huffy said it will have less than 300 shareholders, and its shares will no longer be publicly traded. The company also will not be required to file periodic reports with securities regulators, it said.

In addition, the company's Board of Directors has been reconstituted, and now includes President and CEO John Muskovich; Michael Buenzow (Senior Managing Director of FTI Palladium Partners); Kenny Chou (CEO of Shenzhen BoAn Bike Co.); Douglas Gernert (President and CEO of Totes-Isotoner Corp.); Raymond Kintzley (President of Ramiko Co., Ltd.), Zhidong Liang (Executive Vice President of China Export & Credit Insurance Corp.); and Barry Metzger (partner, Baker & McKenzie LLP). Liang will serve as board chairman.