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Cassels Brock Recognized by The M&A Advisor for “Restructuring of the Year”

Publish: 05/04/2018

For Deal Involving Sports Performance Group in the $500M - $1B Category

On May 3, 2018, The M&A Advisor, an organization recognizing excellence in the M&A and Turnaround fields, announced that the cross-border restructuring of BPS US Holdings, Inc., and its affiliates (“Performance Sports Group”) has been selected as “Restructuring of the Year ($500MM - $1B)”. Prior to its restructuring proceedings, commenced in October 2016, Performance Sports Group was well known throughout North America as the owner of the iconic sports equipment brands, Bauer (hockey) and Easton (baseball and hockey).

Cassels Brock acted as Canadian counsel to the Official Committee of Unsecured Creditors (the “Committee”) in the Performance Sports Group’s dual plenary restructuring proceedings under the Companies’ Creditors Arrangement Act and the United States Bankruptcy Code. Cassels Brock and its U.S. co-counsel, Blank Rome LLP, negotiated the full repayment of pre-filing amounts owed to unsecured creditors pursuant to a Joint Chapter 11 Plan of Liquidation (the “Plan”). The Plan provided for the distribution of funds raised through the February 2017 US$575 million sale of substantially all of the assets of Performance Sports Group. This successful restructuring has enabled the business formerly carried on by Performance Sports Group to continue under the control of its new owner, to the benefit of Performance Sport Group’s varied stakeholders.

Cassels Brock, along with the other restructuring professionals involved in the Performance Sports Group proceedings, will be honoured at The M&A Advisor’s 10th Annual International M&A Awards in New York on June 18, 2018.

Cassels Brock acted throughout the Performance Sports Group proceedings with a team that included Ryan Jacobs, Shayne Kukulowicz, Michael Wunder, Natalie Levine, Monique Sassi and Ben Goodis (Restructuring and Insolvency), Jim Morand (Tax) and Geoff Shaw and Stefanie Holland (Advocacy).