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Performance Sports Group Monitor Report Filed

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Performance Sports Group’s monitor in the Canadian proceedings filed with the U.S. Bankruptcy Court a notice of filing of sixth report.

The notice states, “In summary, the Monitor is of the view that: the sales Process was reasonable; the proposed sale to the purchaser (Sagard Capital Partners and Fairfax Financial Holdings, also the stalking horse purchaser) on the terms and conditions contemplated in the SH Agreement, would be more beneficial for the creditors than a sale or disposition in a bankruptcy context and is in best interest of creditors and other stakeholders….The Applicants expect that the pre-Closing Reorganization would potentially increase the amounts available for distribution to stakeholders up to approximately CAD$10 million.”

In addition, “The Monitor also notes that this relief is necessary to the Pre-Closing Reorganization as to complete the amalgamation of the Amalgamation Debtors, pursuant to s. 277(3)(a) of the BCBCA, a director or officer of each of the Amalgamation Debtors must swear an affidavit stating that he or she believes and has reasonable grounds for believing that no creditor of the company will be materially prejudiced by the amalgamation….The stay of the proceedings is scheduled to expire on February 28, 2017, the ‘Stay Period’.”

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