Performance Sports' Delay In Filing Of Annual Report Would Result In Default

Performance Sports Group Ltd. said it would not file its annual report by the Aug. 15 deadline, which is expected to result in a default under its current credit facilities' agreements. The sports apparel and accessories maker said it has initiated discussions with its lenders to address the issue. The delay in the filing of its annual report is a result of the company's decision to conduct an internal investigation into the finalization of its financial statements and the certification process. The stock, which was still inactive in premarket trade, has plunged 64% year to date, while the S&P 500 has gained 6.9%.