October 31, 2016 / 11:07 AM / in a year

BRIEF-Performance Sports Group says receives commitment for U.S.$386 mln in DIP financing

Oct 31 (Reuters) - Performance Sports Group Ltd :

* Commences voluntary proceedings under chapter 11 in United States and CCAA in Canada

* Performance Sports Group Ltd says receives commitment for u.s.$386 million in new dip financing

* Performance sports group - during chapter 11, CCAA proceedings, expected that Co’s operations will continue uninterrupted in ordinary course of business

* Performance sports - to use proceeds from dip financing to pay for all goods and services from vendors provided after chapter 11 and CCAA filing date

* Performance sports group ltd says company intends to seek approval for appointment of Ernst & Young Inc as monitor

* Performance sports group -will use dip financing, to, among other things, refinance its term loan credit agreement and fund day-to-day operations

* Performance sports group - to use proceeds from dip financing to pay for all goods and services from vendors provided after chapter 11 and CCAA filing date

* Press release - performance sports group enters into “stalking horse” asset purchase agreement with investor group led by Sagard capital and Fairfax financial for U.S. $575 million Source text for Eikon: Further company coverage:

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