Former Performance Sports first amended plan of liquidation confirmed

By Caroline Salls

Pittsburgh, Dec. 20 – The amended plan of liquidation filed by Old PSG Wind-down Ltd., formerly Performance Sports Group Ltd., was confirmed Wednesday by the U.S. Bankruptcy Court for the District of Delaware.

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.

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.

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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