Performance Sports Group filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Liquidation.
According to documents filed with the Court, “From and after the Effective Date, the Cash (including the Sale Proceeds but excluding any Cash realized in respect of the Retained Causes of Action) shall vest in the Reorganized Debtors and shall be used by the Distribution Agent on behalf of the Debtors to (i) fund the Reserves; (ii) adequately reserve for or pay in Cash the Wind-Down Expenses; and (iii) Pay in Full the Allowed Claims (including all Allowed Fee Claims and Allowed Canadian Fee Claims to the extent such Claims exceed the Holdback Amount reserved for such Claim) in accordance with this Plan and the CCAA Approval Order (collectively, the ‘Initial Cash Distributions’)”
In addition, “After all such payments have been made or reserved for in full, as mutually determined by the Liquidation Trustee, the Monitor and the Reorganized Parent Debtor, and following receipt of a Clearance Certificate, the remaining Sale Proceeds shall constitute Shareholder Distributable Assets and the Distribution Agent, at the direction of the Liquidation Trustee and the Reorganized Parent Debtor, shall transfer (or allocate) in accordance with the Asset Apportionment such remaining Cash to an account of the Reorganized Debtors and an account of the Liquidation Trust to make interim and final distributions to Holders of Parent Equity Interests or Beneficial Trust Interests as provided in this Plan….The initial Chief Wind-Down Officer shall be selected by the Equity Committee with the consent of the Debtors, Monitor and Creditors’ Committee (not to be unreasonably withheld) and will be identified in the Plan Supplement and shall be appointed by the Reorganized Parent Debtor’s Board of Directors.”
Read more PSG bankruptcy news.
The post PSG Bankruptcy Liquidation Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.