Performance Powersports is in post-confirmation liquidation administration, with the Plan Administrator and PPG Litigation Trust still working through claims reconciliation and trust wind-down rather than operating a reorganized business. The case began on January 16, 2023, when the Tempe-based powersports distributor filed chapter 11 after a rapid revenue expansion, the 2021 Kinderhook acquisition, inventory and supply-chain dislocation, higher shipping costs, weaker post-pandemic demand, and vendor conflict left it carrying roughly $52 million of funded debt and about $70 million of unsecured trade debt, as described in the Vanden Berg first-day declarationDkt. 16.
The debtor entered chapter 11 after prepetition marketing failed to produce written indications of interest by the January 13, 2023 bid deadline, with CPS USA Acquisition, LLC, a Kinderhook affiliate, positioned as stalking horse and a $10 million DIP facility from Tankas Funding VI, LLC used to support liquidity and avoid an immediate liquidation, according to the same first-day declarationDkt. 16. The case then moved away from a going-concern restructuring and toward a liquidation framework: by September 15, 2023, the debtors had filed their Second Amended Joint Plan of LiquidationDkt. 463, an eight-class liquidation plan that became the operative post-confirmation path.
The current docket reflects a mature plan-administration case focused on distributions, professional-fee aftermath, claim objections, and final closing steps. The Plan Administrator and Litigation Trustee reported that the plan was confirmed on October 4, 2023 and became effective on October 19, 2023; for the quarter ended March 31, 2026, cumulative cash disbursements were about $1.53 million, cumulative professional fees paid were about $2.75 million, allowed secured claims stood at about $52.2 million, and allowed general unsecured claims were listed at $1.0 million with no current-quarter distribution, in the .
Near term, the case is not waiting on a sale or confirmation milestone; it is waiting on claim-resolution and closing mechanics. After no objections were filed to the requested extension, the Court entered an order extending the claims-objection deadline to October 7, 2026 in the claims-objection deadline orderDkt. 636, while the post-confirmation reportDkt. 635 states that the Litigation Trustee anticipates seeking a final decree by December 31, 2026.
