Former Performance Sports files liquidation plan based on settlement

By Caroline Salls

Pittsburgh, Aug. 10 – Old BPSUSH Inc., formerly Performance Sports Group Ltd., filed its plan of liquidation Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The plan is based on a global settlement under which general unsecured claims will be paid in full without post-bankruptcy interest and the allocation of asset sale proceeds and disputes regarding the valuation of the company were resolved.

Under the proposed plan, administrative claims, priority tax claims, priority non-tax claims and Companies’ Creditors Arrangement Act charge claims will be paid in full in cash.

Holders of secured claims will be paid in full in cash or receive the collateral securing the claim.

The Securities and Exchange Commission’s claim will be treated in accordance with a resolution reached with the company and its equity committee.

Holders of general unsecured claims will be paid in full in cash without interest.

Holders of individual securities damages claims will be paid solely from a claim reserve established for that purpose.

Holders of parent equity interests will receive a share of shareholder distributable assets. The plan allows these interest holders to receive their distribution in the form of beneficial trust interests or to retain their parent equity interests.

Performance Sports is based in Exeter, N.H., and formerly made sports equipment and apparel. The company filed for bankruptcy on Oct. 31, 2016 under Chapter 11 case number 16-12373.

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