Former Performance Sports disclosure approved; plan hearing Dec. 20

By Caroline Salls

Pittsburgh, Nov. 2 – Old PSG Wind-down Ltd., formerly Performance Sports Group Ltd., obtained court approval of the disclosure statement for its first amended plan of liquidation, according to a news release.

The company said the U.S. Bankruptcy Court for the District of Delaware also approved the related solicitation procedures and materials, allowing Old PSG to solicit votes on the plan from creditors and equityholders.

Old PSG said it previously received approval from the Ontario Superior Court of Justice to solicit votes on the plan.

As previously reported, the plan is based on a global settlement among the Old PSG debtors and their stakeholders that is intended to provide for payment to creditors in the full amount of their allowed claims and the potential distribution of remaining assets to shareholders of an as yet indeterminate amount.

The plan also incorporates a settlement that provides for distributions to the Plumbers & Pipefitters National Pension Fund, in its capacity as court-appointed lead plaintiff in a securities class action lawsuit and resolves disputes regarding confirmation of the plan.

A joint hearing before the bankruptcy court and the Canadian court to confirm the plan and obtain a Companies’ Creditors Arrangement Act approval order is scheduled for Dec. 20.

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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