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Performance Sports Group Sale Completed

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Performance Sports Group announced completion of its sale of substantially all of the assets of the Company and its North American subsidiaries including its European and global operations to an acquisition vehicle co-owned by affiliates of Sagard Holdings and Fairfax Financial Holdings (Purchaser).

Upon consummation of the sale, the Company will no longer exist as an operating business and will instead, along with its professional advisors, focus on the completion of its U.S. and Canadian bankruptcy proceedings. This entails, among other things, reconciling claims against the bankruptcy estates and developing a distribution strategy for the sale proceeds in the U.S. and Canadian proceedings through a liquidating plan or otherwise. Following closing of the sale, Karyn O. Barsa, C. Michael Jacobi, Harlan Kent and Bob Nicholson have resigned from the board of directors of the Company.

Bernard McDonell, chairman of the board of Performance Sports Group,comments, “On behalf of the board, we would like to thank the retiring directors, Harlan, and all the Company’s employees for their contributions to bringing this sale to completion. We wish them all the best in their future endeavors.” Paul Desmarais III, executive chairman of Sagard Holdings, will serve as chairman of the new company as it transitions to new leadership.

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The post Performance Sports Group Sale Completed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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