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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, “Although referred to as a ‘joint’ plan, the Plan comprises 18 separate Plans (one for each of the Debtors’ Chapter 11 Cases). For purposes of this Disclosure Statement, the Debtors distinguish between the Plan as it relates to the Debtors’ ultimate parent company, Old PSG Wind-down (f/k/a Performance Sports Group) (the ‘Parent Debtor’ and the Parent Debtor’s Plan, the ‘Parent Plan’), on the one hand, and the Plan as it relates to the remaining Debtors, all of which are direct or indirect subsidiaries of the Parent Debtor (collectively, the ‘Subsidiary Debtors’ and the Subsidiary Debtors’ Plans, the ‘Subsidiary Debtor Plans’), on the other.”

In addition, “The Plan rests on two settlements (collectively, the ‘Plan Settlements’): (1) the Global Settlement of all disputes among the Debtors, the Creditors’ Committee and the Equity Committee, a settlement that the Monitor is prepared to recommend to the Canadian Court for approval; and (2) the Class Settlement among the Lead Plaintiff, the Equity Committee and the Debtors that resolves the objections to the Securities Claims, the Lead Plaintiff’s potential Plan objections, and the Lead Plaintiff’s cross motion for application of Bankruptcy Rule 7023 to the Putative Class Claim (the ‘Rule 7023 Cross Motion’)….The Plan, along with the Plan Settlements, if confirmed, provides for the successful completion of the Debtors’ liquidation and distribution of approximately $40 million in remaining Sale Proceeds….Initial distribution of $1.15 million in Cash from the Sale Proceeds, and participation in recoveries from the Retained Causes of Action in an aggregate amount of up to $2.5 million.”

The Court scheduled a December 20, 2017 hearing to consider the Plan, with objections due by December 12, 2017.

Read more PSG bankruptcy news.

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