PSG gets court OK for "stalking horse" bid, $386 mln in DIP funding

Bauer hockey gear maker Performance Sports Group Ltd (NYSE, TSX: PSG), has received approval from courts in Canada and United States for the company's "stalking horse" purchase agreement with Power Corp's Sagard Capital Partners LP and Fairfax Financial Holdings Ltd. Announced last month, the deal would see Sagard and Fairfax acquire most of PSG's assets and North American subsidiaries for US$575 million. The courts also approved PSG's access to US$386 million in new debtor-in-possession (DIP) financing. A final sale to Sagard-Fairfax or other potential bidders is expected to occur by the end of February 2017.

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