Performance Sports Group filed with the U.S. Bankruptcy Court a second motion to extend, by 90 days, the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including August 28, 2017 and October 25, 2017, respectively.
The motion explains, “Since the closing of the Sale, the Debtors have focused their efforts on ensuring the efficient wind-down of their estates, including by the rejection of certain burdensome executory contracts and unexpired leases, the establishment of the Employee Claims Bar Date, and through the on-going review and analysis of claims against their estates for purposes of formulating an optimal chapter 11 plan or plans. The Debtors believe that, in light of the progress that they have made in these Chapter 11 Cases over the past 6 months, and their demonstrated efforts to work cooperatively with the Monitor, the Committees, and the U.S. Trustee, it is reasonable and appropriate that the Debtors be granted additional time to formulate, negotiate and finalize a chapter 11 plan.”
In addition, “Termination of the Debtors’ Exclusive Periods would adversely impact the Debtors’ efforts to preserve and maximize the value of these estates and the progress of these Chapter 11 Cases. In effect, if this Court were to deny the Debtors’ request for an extension of the Exclusive Periods, any party in interest would be free to propose a chapter 11 plan for the Debtors. Such a ruling would foster a chaotic environment with no central focus and likely cause substantial, if not irreparable, harm to the Debtors’ efforts to preserve and maximize the value of their estates.”
The Court scheduled a June 14, 2017 hearing to consider the motion, with objections due by June 7, 2017.
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