Advertisement

PSG Bankruptcy Stipulation Approved

Advertisement

The U.S. Bankruptcy Court approved a stipulation between Performance Sports Group (PSG) and Master Fund, Hazelton Master Fund and Bybrook Capital with respect to Bybrook Capital’s ownership of PSG (n/k/a Old PSG Wind-Down) common stock.

The stipulation provides (i) that each purchase by Bybrook Capital of PSG Stock in excess of 2,249,0622 shares is void from the beginning (“ab initio”) and (ii) by no later than July 28, 2017 Bybrook must (a) rescind all transactions with all sellers (except for certain shares acquired on dates that Brookfield Asset Management undertook sales) and restore PSG shares to the sellers of such shares, such that Bybrook and the respective sellers are in the same position they would have been had the trades never occurred; (b) sell all shares held by Bybrook in excess of 2,249,062 shares into the market to holders that are not and that would not become substantial shareholders as a result of the purchase; (c) donate all excess shares to qualifying charities selected by PSG or (d) divest itself of all excess shares through a combination of (i) rescission transactions restoring the shares to sellers, such that Bybrook and the respective sellers are in the same position they would have been had the trades never occurred (ii) selling excess shares into the market and (iii) donating excess shares to qualified charities.

Read more PSG bankruptcy news.