Former Performance Sports to receive $8 million from escrow

New York, July 18 – Old PSG Wind-down Ltd., formerly Performance Sports Group Ltd., said that it has received court approval of a purchase price adjustment that will result in the receipt of $8 million of funds previously held in escrow.

The money will be released under a purchase price adjustment to its previously announced sale of assets, according to a news release.

Approval for the adjustment was given by the U.S. Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice.

In February Performance Sports completed a $575 million sale of substantially all of its assets to an acquisition vehicle co-owned by affiliates of Sagard Holdings Inc. and Fairfax Financial Holdings Ltd.

Following the sale, Performance Sports is no longer an operating business and instead is focused on the completion of its U.S. and Canadian bankruptcy proceedings, including reconciling claims and developing a distribution strategy for the sale proceeds in the U.S. and Canadian proceedings.

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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