In the culmination of a complex cross-border bankruptcy sales and auction process, on February 28, 2017, Performance Sports Group Ltd. (PSG) announced the completion of the sale of substantially all of its assets to an investor group led by Sagard Holdings Inc. (Sagard) and Fairfax Financial Holdings Limited (Fairfax) for US$575 million, subject to certain adjustments, and the assumption of related operating liabilities. The new, privately held company will be a leading developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, and related apparel. Its products will be sold under the BAUER, MISSION, MAVERIK, CASCADE and EASTON brand names and will be marketed and distributed worldwide. The sale was completed in connection with PSG’s cross-border restructuring proceedings which commenced on October 31, 2016, with joint proceedings in the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act and the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 of Title 11 of the U.S. Code. The Sagard/Fairfax-led investor group made the “stalking horse” bid at the outset of the sales and auction process, which was ultimately determined to be the successful bid. To provide working capital for PSG’s operations… Read full this story
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