Despite Bankruptcy, Power Balance Will Keep Kings Partnership Officials Say

Power Balance, the maker of the fashionable plastic wristbands that promised to offer fitness enthusiasts an athletic edge, filed Chapter 11 last week after it was ordered to pay $57 million in a class action lawsuit against the company. Just last January, Power Balance brokered a deal with Maloof Sports and Entertainment to take over the naming rights to the Sacramento Kings' home venue.

According to officials with both the Kings and Power Balance, the company's bankruptcy will not effect the deal in place.

"We maintain close communications with Power Balance and are aware of their decision to file for voluntary protection available to them through the courts," a spokesman for the team said. "They have been good partners since day one and are understandably taking steps to put the company in a position to continue innovation in the performance technology sector. They have assured us of their commitment to the Sacramento Kings and the surrounding community and we expect to continue our productive partnership through this process and into the future."

While TMZ on Monday reported that sources had said the company plans to "fold shop," company officials responded by saying that Power Balance is not going out of business and is actually in the process of launching a new product, Performance Mouth Gear.

Ironman, IMG Academies, Rock 'n' Roll Marathon Series and AEG are also listed as partners with Power Balance on the company website.