The U.S. Bankruptcy Court approved Performance Sports Group’s motion to extend by 90 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including May 29, 2017 and July 27, 2017, respectively.
As previously reported, “The Debtors have made significant and material progress in the Chapter 11 Cases, culminating, to date, in the approval of the Sale on a fully consensual basis and the subsequent closing of the transaction. These achievements were the result of the tireless efforts of the Company and its professional advisors, in cooperation with the Committees and various other parties in interest in these Chapter 11 Cases, to stabilize the Debtors’ business upon entry into chapter 11 and maximize value to their estates through a robust and efficient Sale process.”
In addition, “Termination of the Debtors’ Exclusive Periods would adversely impact the Debtors’ efforts to preserve and maximize the value of these estates and the progress of these Chapter 11 Cases. In effect, if this Court were to deny the Debtors’ request for an extension of the Exclusive Periods, any party in interest would be free to propose a chapter 11 plan for the Debtors. Such a ruling would foster a chaotic environment with no central focus and likely cause substantial, if not irreparable, harm to the Debtors’ efforts to preserve and maximize the value of their estates.”
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