DeKALB – The official sports drink of NIU Athletics is facing certain demise after sports drink company BioSteel Sports Nutrition Inc. filed for credit protection under the Companies’ Creditors Arrangement Act on Sept. 14.
“BioSteel,” owned by Canada-based pot producer Canopy Growth, was granted a stay of proceedings favoring its and U.S. affiliates BioSteel Sports Nutrition USA LLC and BioSteel Manufacturing LLC. The company will undergo a court-supervised sales process.
“BioSteel made the decision to conserve cash and put the business into hibernation to preserve its assets,” a company statement via PRNewswire read.
BioSteel has been the official sports drink of NIU Athletics, among other entities, since November 2020. The company made waves last July when it agreed to a deal to become the “Official Hydration Partner” of the NHL and the NHL Players’ Association – a deal valued close to $130 million dollars.
Outside of the NHL-NHLPA deal, CCAA filings revealed that BioSteel has other obligations worth north of $500,000 to the NBA’s Los Angeles Lakers and Miami Heat, Learfield and the U.S. Soccer Federation.
The North American beverage brand also announced its intention to file for Chapter 15 bankruptcy in an effort to seek U.S enforcement of the CCAA Court’s orders and protect its U.S.-based assets.
