DOWNERS GROVE, ILLINOIS (December 22, 2020) - Kranos Corporation, which is the umbrella company to football helmet and sports equipment manufacturer Schutt Sports, opened a Chapter 7 liquidation case in Delaware on Friday, according to a story from Law360. Kranos, a privately held company, listed more than $58 million in liabilities and $1.2 million in sports equipment assets.
Kranos and Schutt have the same address in Litchfield, Illinois and the same CEO in Robert Erb. Schutt was not identified as a party in the liquidation case, which lists $36.7 million in secured claims and $21.6 million in unsecured claims, according to Law360.
Kranos' liabilities include an $18.8 million second lien on intellectual property and a first lien on all of its other assets. The Schutt AcquisitionCoLLC was not listed as a related party, but was identified as having a $10.7 million first lien on the venture's intellectual property and a second lien on all remaining assets.
Kranos received an $18 million secured term loan in October 2019 from Innovatus Capital Partners LLC. Innovatus acquired helmet-maker Vicis in early 2020.
Schutt also manufactures baseball, softball and lacrosse helmets and other protective equipment. This spring it developed a splash guard for football helmets in response to the COVID-19 pandemic.