Reorganisation and Seeks Approval of Sale to an Affiliate of Sun Capital Partners
Protective Products of America manufacturer and distributor of advanced products in ballistics protection, today announced that PPA and each of its four subsidiaries have filed a voluntary petition for Chapter 11 proceedings are pending in the Southern District of Florida. PPA is a publicly traded company on the Toronto Stock Exchange.
“We are pleased with our agreement to be acquired by Sun Capital in connection with our bankruptcy cases turnaround of over 100 portfolio companies over the past 15 years.” PPA intends to maintain all normal business operations throughout the administration of the bankruptcy seeking to establish auction and sale procedures to facilitate a quick and orderly sale of substantially all of PPA’s and its subsidiaries’ assets, using the 35-day timeline set forth in the purchase agreement with Sun Capital.
The reorganization and acquisition will eliminate PPA’s funded indebtedness and substantially reduce its other liabilities that it will not have any interruption in maintaining and honoring all of its commitments to its employees and customers. The motions also address PPA’s continued ability to pay its vendors, the retention of various professional advisors and other matters.
About Protective Products of America, Inc.
Protective Products of America, Inc. (“PPA” or “Company”), formerly known as Ceramic Protection Corporation, is headquartered in Sunrise, Florida. The Company, together with its subsidiaries, is engaged in the design, manufacture and marketing of advanced products used to provide ballistic protection for personnel and vehicles in the military and law enforcement markets. The Protective Products of America’s product portfolio includes concealable soft body armor products for law enforcement and the Modular Tactical Vest (“MTV”), a ballistic system for military personnel. PPA produces and sells body armor to several branches of the U.S. armed forces, federal agencies, and local and state police forces.