Former Performance Sports agreement resolves lawsuit, plan objection

By Caroline Salls

Pittsburgh, Oct. 30 – Old PSG Wind-down Ltd., formerly Performance Sports Group Ltd., and its affiliated debtors reached an agreement in principle to settle a claim filed by the Plumbers & Pipefitters National Pension Fund, the court-appointed lead plaintiff in a securities class action lawsuit, according to a news release.

The agreement in principle also resolves and any potential objection of the lead plaintiff to Old PSG’s joint Chapter 11 plan of liquidation.

The settlement is subject to approval of the U.S. Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice, which will be sought in the company’s Chapter 11 cases and Companies’ Creditors Arrangement Act proceedings in conjunction with confirmation of the plan and a companion approval order.

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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