Schutt Sports: bid procedures OK'd for $25.1 million asset sale

By Lisa Kerner

Charlotte, N.C., Dec. 1 - Schutt Sports, Inc.'s bid procedures for the proposed $25.1 million sale of its assets to stalking horse bidder Kranos Intermediate Holding Corp., or to the highest bidder, were approved, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The purchase price is subject to a working capital adjustment.

The purchased assets include inventory, furniture, fixtures and equipment, as well as certain property, the filing said.

A $700,000 break-up fee was also approved.

As previously reported, each bid must be accompanied by a $2.5 million deposit.

The bid deadline is Dec. 10 at noon ET.

An auction is scheduled for Dec. 14. If no qualified bids are received or the secured lender does not credit bid, the auction will not be held.

The sale hearing is set for Dec. 15.

Schutt, a Litchfield, Ill.-based sports equipment manufacturer, filed for bankruptcy on Sept. 6. The Chapter 11 case number is 10-12795.

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