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PSG Bankruptcy Stipulation Filed, Approved

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Performance Sports Group’s official committee of equity security holders filed with the U.S. Bankruptcy Court a stipulation among the Debtors, official equity committee and certain of the Debtors’ former directors.

The stipulation notes, “The Debtors, the Monitor, and Prime Clerk, as the Debtors’ claims agent appointed in the Restructuring Proceedings, are authorized to take all actions necessary or appropriate to implement this Order and the Stipulation, including, without limitation, (a) revising the official claims register maintained in the Debtors’ Chapter 11 Cases to reflect the estimation of the Indemnification Claims as set forth in the Stipulation, and (b) revising the Indemnification Claims in the CCAA Proceedings consistent with the Stipulation and sending notices of revision to the Former Directors pursuant to and in accordance with the Claims Resolution Order [D.I. 1438], which notices of revision the Former Directors shall not dispute.”

In addition, “Each of the Indemnification Claims shall be estimated at $0.00 in the Restructuring Proceedings for purposes of allowance, including, without limitation, for purposes of voting on and making distributions under the Debtors’ Joint Chapter 11 Plan of Liquidation of Old BPSUSH Inc. and Its Affiliated Debtors [D.I. 1434-1].” The Court subsequently approved the stipulation.”

Read more PSG bankruptcy news.

The post PSG Bankruptcy Stipulation Filed, Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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