Old BPSUSH Inc.
Case No. 16-12373
Case Background
On October 31, 2016, BPS US Holdings Inc. (n/k/a Old BPSUSH Inc.) and 17 affiliated debtors (collectively, the "Debtors") each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The cases are pending before the Honorable Brendan L. Shannon, and are jointly administered under Case No. 16-12373.
On October 31, 2016, Performance Sports Group announced that it entered into an asset purchase agreement with a group of investors led by Sagard Capital Partners, L.P. and Fairfax Financial Holdings for the sale of the Company. In conjunction with this development, Performance Sports Group has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the District of Delaware and commenced proceedings under the Companies' Creditors Arrangement Act (the “CCAA”) in the Ontario Superior Court of Justice.
The Company believes that pursuing a sale through a court supervised restructuring process represents the best path forward for the Company and its stakeholders.
Performance Sports Group expects to continue operating its business and serving customers as usual throughout the court-supervised process.
For further information regarding the CCAA Proceeding, please visit the CCAA Monitor’s website at www.ey.com/ca/psg.
Click below to view the Company’s press release:
Important Information & Dates
Liquidation Trustee Status Reports:
Pursuant to section VI.A of the Plan, after the Effective Date, the Liquidation Trustee shall have the authority, after consultation with the Monitor, to file objections and to settle, compromise, withdraw or litigate to judgment objections to Claims as set forth in the Plan. Additionally, section VI.G of the Plan provides that Theseus Strategy Group LLC, the liquidation trustee (the “Liquidation Trustee”) appointed pursuant to the Plan, shall file a progress report discussing its efforts to reconcile and liquidate U.S. Claims every 90 days after the Effective Date until all U.S. Claims have become Satisfied Claims, Allowed U.S. Claims or U.S. Claims disallowed by a Final Order. Click the below link to access the Trustee's Status Reports:
Liquidation Trustee Status Reports
Plan and Disclosure Statement:
On August 25, 2017, the Debtors filed their Plan of Liquidation and the Disclosure Statement related thereto. On October 19, 2017, the Debtors filed their modified Plan of Liquidation and modified Disclosure Statement related thereto. On October 19, 2017, the Bankruptcy Court entered an order approving the Disclosure Statement. On December 20, 2017, the Bankruptcy Court entered an order confirming the Plan. On December 21, 2017, the Effective Date of the Plan occurred, and the Plan was consummated.
Claim Filing Deadline:
The Bankruptcy Court has set the following deadlines for filing proofs of claim against the Debtors:
- General Bar Date (all creditors other than Governmental Units): February 6, 2017 at 5:00 p.m. (prevailing Eastern Time)
- Governmental Unit Bar Date: May 1, 2017 at 5:00 p.m. (prevailing Eastern Time)
- Employee Bar Date: May 17, 2017 at 5:00 p.m. (prevailing Eastern Time)
Click on "Submit a Claim" above to download a proof of claim form and for more information regarding filing a claim against the Debtors.
First Day Motions and Orders:
A hearing on the Debtors' First Day Motions was held on November 1, 2016 at 9:00 AM (ET) before the Honorable Kevin J. Carey, United States Bankruptcy Court for the District of Delaware, 824 North Market Street, 5th Floor, Courtroom No. 5, Wilmington, DE 19801. Please click below to view and download the Debtors' First Day Motions and First Day Orders:
Dates
Parties
Debtors' Counsel
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Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
http://www.youngconaway.com
Phone: 302.571.6600
Fax: 302.571.1253
Pauline K. Morgan
Sean T. Greecher
Justin H. Rucki
Shane M. Reil
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Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019
https://www.paulweiss.com
Phone: 212.373.3000
Fax: 212.757.3990
Alice B. Eaton
Kelley A. Cornish
Debtors' Canadian Counsel
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Stikeman Elliott LLP
5300 Commerce Court West
199 Bay Street
Toronto, ON, Canada M5L 1B9
http://www.stikeman.com/cps/rde/xchg/se-en/hs.xsl/992.htm
Phone: 416.869.5500
Fax: 416.947.0866
Kathryn Esaw
Frank Selke
Maria Konyukhova
Debtors' Restructuring Advisors
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Alvarez & Marsal
600 Madison Avenue
8th Floor
New York, NY 10022
https://www.alvarezandmarsal.com/
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Centerview Partners LLC
31 W. 52nd Street
New York, NY 10019
https://www.centerviewpartners.com/
Marc Puntus
Ryan Kielty
United States Trustee and Court Information
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Office of the United States Trustee
844 King Street, Suite 2207
Wilmington, DE 19801
http://www.justice.gov/ust/r03/wilmington/index.htm
Phone: 302.573.6491
Fax: 302.573.6497
Mark S. Kenney
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United States Bankruptcy Court
District of Delaware
824 Market Street North, 3rd Floor
Wilmington, DE 19801
http://www.deb.uscourts.gov
Phone: 302.252.2900
Debtors
| Case Number | Debtor Name | Petition Date |
|---|---|---|
| Case Number 16-12373 | Debtor Name BPS US Holdings Inc. | Petition Date October 31, 2016 |
| Case Number 16-12374 | Debtor Name Bauer Hockey, Inc. | Petition Date October 31, 2016 |
| Case Number 16-12375 | Debtor Name Easton Baseball / Softball Inc. | Petition Date October 31, 2016 |
| Case Number 16-12376 | Debtor Name Bauer Hockey Retail Inc. | Petition Date October 31, 2016 |
| Case Number 16-12377 | Debtor Name Bauer Performance Sports Uniforms Inc. | Petition Date October 31, 2016 |
| Case Number 16-12378 | Debtor Name Performance Lacrosse Group Inc. | Petition Date October 31, 2016 |
| Case Number 16-12379 | Debtor Name BPS Diamond Sports Inc. | Petition Date October 31, 2016 |
| Case Number 16-12380 | Debtor Name PSG Innovation Inc. | Petition Date October 31, 2016 |
| Case Number 16-12381 | Debtor Name Performance Sports Group Ltd. | Petition Date October 31, 2016 |
| Case Number 16-12382 | Debtor Name KBAU Holdings Canada, Inc. | Petition Date October 31, 2016 |
| Case Number 16-12383 | Debtor Name Bauer Hockey Retail Corp. | Petition Date October 31, 2016 |
| Case Number 16-12384 | Debtor Name Easton Baseball / Softball Corp. | Petition Date October 31, 2016 |
| Case Number 16-12385 | Debtor Name PSG Innovation Corp. | Petition Date October 31, 2016 |
| Case Number 16-12386 | Debtor Name Bauer Hockey Corp. | Petition Date October 31, 2016 |
| Case Number 16-12387 | Debtor Name BPS Canada Intermediate Corp. | Petition Date October 31, 2016 |
| Case Number 16-12388 | Debtor Name BPS Diamond Sports Corp. | Petition Date October 31, 2016 |
| Case Number 16-12389 | Debtor Name Bauer Performance Sports Uniforms Corp. | Petition Date October 31, 2016 |
| Case Number 16-12390 | Debtor Name Performance Lacrosse Group Corp. | Petition Date October 31, 2016 |