Schutt Sports Files for Chapter 11

Schutt Sports, a portfolio company of Gridiron Capital and Windjammer Capital, has filed for Chapter 11 bankruptcy protection and secured a $34 million DIP financing facility. The company cites a lawsuit from Riddell, which resulted in a federal court jury awarding Riddell with about $30 million in damages for patent infringement, as the cause of the filing. Schutt manufactures protective sports equipment and is being advised on its strategic options by Oppenheimer & Company.