Performance Sports Group, the Exeter-based sports equipment manufacturer, filed for Chapter 11 bankruptcy in order to facilitate a financial and corporate restructuring, the company announced.
In connection with the restructuring, the company entered into an asset purchase agreement with Sagard Holdings Inc., its largest shareholder, and Fairfax Financial Holdings Limited, which would require $575 million, nearly all of the company's assets, according to a filing with the U.S. Securities and Exchange Commission.
The company listed assets of $500 million to $1 billion and liabilities of $500 million to $1 billion in its voluntary petition filed in Delaware under Chapter 11 of the U.S. Bankruptcy Code. Read the Chapter 11 filing here.
The companies serve as a “stalking horse” bidder, setting the minimum acceptable bid at auction, as the company reports it hopes to attract higher bidders.
Prior to this sale, the company was one of 11 publicly traded companies in NH. Company stock as of June 10 had a 52-week high of $42.11 per share and a low of $2.80 per share trading on the NYSE and Toronto stock exchange. On Oct. 31, the day it filed for Chapter 11, it was selling for $3.48 a share. In 2015, sales were down 2 percent from the previous year and net income between 2014 and 2015 fell 83.5 percent to $3.3 million.
Performance Sports Group develops and manufactures ice hockey, roller hockey, lacrosse, baseball and softball equipment. Products are marketed under the Bauer, Easton, Mission, Cascade, Inaria, Combat and Maverik brands.
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