Paintball Empire Enters Canadian Receivership, U.S. Bankruptcy
Jeremy Hill
Bloomberg News
Oct. 16, 2020, 10:14 AM
G.I. Sportz Inc. and affiliate Tippmann Sports, the paintball equipment makers, filed for bankruptcy in the U.S. after a Canadian court placed the companies in receivership.
A judge in Quebec on Thursday handed broad control of the outfit’s finances to boutique consulting firm KSV Advisory, bankruptcy court papers show. Canadian documents filed last year identify G.I. Sportz as the largest global manufacturer and distributor of paintball-related products. It’s majority owned by private equity firm Fulcrum Capital Partners.
G.I. Sportz offers a variety of paintball equipment, including ammo, protective gear and apparel, as well as the gas-powered guns...
As they're a canadian company they filed chapter 15 asset protection for their various companies in the US.
Response from G.I. -
"As many of you have probably read or heard about the Bloomberg report today regarding bankruptcy and GI Sportz. I am here to calm the waters by assuring you that this "restructuring" will not affect any of the brands or products that you get from this company. Chatter is chatter, but rest assured this management group and the company will not be skipping a beat as we navigate into paintballs future. If you have any questions you can definitely ask and we will answer the best we can during this time. More information will be coming out in the weeks but again, we are not going anywhere. Feel free to share if you feel the need."
So there was a 45 million dollar loan that someone wanted paid off which the company couldn't do, I mean that's huge money. So looking for a new buyer. With Kore Outdoors being the company that's in talks to purchase it.
Now I'm not saying that Richmond Italia may be behind Kore Outdoors...but it really wouldn't surprise me if he or some friends of his were
I don't think for a minute that G.I will be impacted in their ability to delivery paint, products etc. Well hope so anyway, I know a lot of good folks that work for them
Jeremy Hill
Bloomberg News
Oct. 16, 2020, 10:14 AM
- G.I. Sportz and Tippmann will hand reins to receiver in Canada
- The paintball equipment maker also files bankruptcy in U.S.
G.I. Sportz Inc. and affiliate Tippmann Sports, the paintball equipment makers, filed for bankruptcy in the U.S. after a Canadian court placed the companies in receivership.
A judge in Quebec on Thursday handed broad control of the outfit’s finances to boutique consulting firm KSV Advisory, bankruptcy court papers show. Canadian documents filed last year identify G.I. Sportz as the largest global manufacturer and distributor of paintball-related products. It’s majority owned by private equity firm Fulcrum Capital Partners.
G.I. Sportz offers a variety of paintball equipment, including ammo, protective gear and apparel, as well as the gas-powered guns...
As they're a canadian company they filed chapter 15 asset protection for their various companies in the US.
Response from G.I. -
"As many of you have probably read or heard about the Bloomberg report today regarding bankruptcy and GI Sportz. I am here to calm the waters by assuring you that this "restructuring" will not affect any of the brands or products that you get from this company. Chatter is chatter, but rest assured this management group and the company will not be skipping a beat as we navigate into paintballs future. If you have any questions you can definitely ask and we will answer the best we can during this time. More information will be coming out in the weeks but again, we are not going anywhere. Feel free to share if you feel the need."
So there was a 45 million dollar loan that someone wanted paid off which the company couldn't do, I mean that's huge money. So looking for a new buyer. With Kore Outdoors being the company that's in talks to purchase it.
Now I'm not saying that Richmond Italia may be behind Kore Outdoors...but it really wouldn't surprise me if he or some friends of his were
I don't think for a minute that G.I will be impacted in their ability to delivery paint, products etc. Well hope so anyway, I know a lot of good folks that work for them