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PSG Bankruptcy Plan Filed

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Performance Sports Group filed with the U.S. Bankruptcy Court a First Amended Joint Chapter 11 Plan of Liquidation and related Disclosure Statement.

According to the Disclosure Statement, “The Plan is a plan of liquidation, pursuant to which the net proceeds from the Sale, the remaining Assets, and/or any recoveries in connection with the Retained Causes of Action are being distributed to persons or entities holding Allowed Claims and Equity Interests in accordance with the priorities of the Bankruptcy Code and the CCAA, as modified by the Global Settlement, under the Plan.”

In addition, “On or as soon as practicable after the Effective Date, each Holder of a Class P1 Allowed Secured Claim, if any, shall receive in full and final satisfaction, settlement, and release of and in exchange for such Allowed Secured Claim: (a) the return of the Collateral securing such Allowed Secured Claim; (b) Cash equal to 100% of the amount of such Allowed Secured Claim and PostPetition Interest required to be paid under section 506(b) of the Bankruptcy Code; (c) such other treatment as will render the Holder of such Allowed Secured Claim Unimpaired; or (d) such other treatment as to which the Holder of such Allowed Secured Claim has agreed to in writing.”

Read more PSG bankruptcy news.

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