Former Performance Sports eyes exclusivity extension to formulate plan

By Caroline Salls

Pittsburgh, May 24 – Old BPSUSH Inc., formerly Performance Sports Group Ltd., requested a second extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period through Aug. 28 from May 29 and the solicitation period through Oct. 25 from April 28.

Since the closing of its asset sale, Old BPSUSH said it has been working to formulate a Chapter 11 plan or other mechanism for the distribution of the proceeds.

In coordination with an equity committee, the company said it continues to assess the value of its remaining assets, and its advisers are analyzing some unliquidated claims to assess the appropriate means for resolving those claims.

In addition, the company said its advisers are reviewing its assets and liabilities and the claims filed in the Chapter 11 case and reconciling those claims against the payments made by the purchaser following the sale closing.

According to the motion, a hypothetical recovery analysis is being developed that will form the basis of any Chapter 11 plan.

Given the progress made thus far, Old BPSUSH said “it is reasonable and appropriate that the debtors be granted additional time to formulate, negotiate and finalize a Chapter 11 plan.”

A hearing is scheduled for June 14.

Performance is based in Exeter, N.H., and makes sports equipment and apparel. The company filed bankruptcy on Oct. 31 under Chapter 11 case number 16-12373.

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