Unable to file audited income statements for the last few quarters before the Oct. 28 deadline set by regulatory authorities, the Performance Sports Group (PSG) filed for bankruptcy protection from its creditors in the U.S. and Canada, but the filing looks like a pre-packaged bankruptcy.

A stalking horse takeover bid of $575 million looms in the background from its two largest shareholders, with a proposed debtor-in-possession (DIP) financing deal that should allow the company to continue to operate and emerge from the bankruptcy proceedings.

The two shareholders are Sagard Capital and Brookfield Asset Management, which own 16.9 percent and 13.2 percent of PSG's shares, respectively. A bid is also said to be in the works from the group's former chairman, Graeme Roustan, who has been criticizing the management's conduct since his departure in 2012.

PSG's bankruptcy petition lists $607.8 million in total debts against assets of $594.3 million. Sagard and Brookfield have proposed providing a $361.3 million DIP facility and to help negotiate a term loan of $30 million, both carrying annual interest of 8 percent. This would allow PSG to pay off secured creditors. According to the filing, Asian suppliers and other unsecured creditors are owed about $24.5 million.