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Performance Sports Group Ltd. said that bankruptcy courts in the U.S. and Canada have approved the stalking-horse bid for the company, made by Sagard Capital Partners LP and Fairfax Financial Holdings Ltd. Sagard and Fairfax intend to buy most of the Bauer ice hockey gear maker's assets and its North American units for $575 million. The U.S. Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice also approved an auction for Jan. 30, 2017, where other interested parties can bid for the company's assets. Under the bidding procedures, interested parties must submit bids, to buy substantially all of the company's assets, on or before Jan. 25, 2017.

Residential solar systems company Verengo Inc. canceled the bankruptcy auction for its assets after no other bidders stepped forward to challenge a roughly $12 million offer from a unit of Crius Energy LLC, the Wall Street Journal reported today. Verengo’s lawyers said that they didn’t receive any qualified competing bids by Monday’s deadline, prompting it to cancel an auction scheduled for today. Verengo will instead seek court approval of the sale to its stalking-horse bidder Crius Solar Fulfillment at a hearing on Dec. 13, according to papers filed on Tuesday with the U.S. Bankruptcy Court in Wilmington, Del. Crius Solar is offering to forgive $11.7 million in debts, including up to $2 million in bankruptcy financing, to acquire Verengo’s assets through what’s called a credit bid.

A bankruptcy judge yesterday sent the site of a proposed 950-foot luxury residential tower on Manhattan’s East Side to the auction block, approving a sale process that seeks to place the controversial project into new hands by the end of the year, the Wall Street Journal reported today. Developer Joseph Beninati’s Bauhouse Group put the development into chapter 11 bankruptcy in April to try to halt a foreclosure after he was unable to refinance $147 million in loans the group used to acquire land and air rights to build the 78-story tower. Now those assets are up for sale in a court supervised auction, approved yesterday by Bankruptcy Judge Sean Lane. Judge Lane previously signed off on brokers hired to market the site, which is embroiled in financial and legal woes as well as a backlash from the local community.

E-cigarette maker NJOY received bankruptcy-court approval to sell itself to New York investment firm Homewood Capital in a deal valued at more than $30 million, the Wall Street Journal reported today. Bankruptcy Judge Christopher Sontchi authorized the sale this week, according to court papers. Through a credit bid, Homewood offered to forgive $29.5 million in debt in exchange for the assets. The investment firm also offered to take responsibility for NJOY’s senior loan debt and will pay at least $560,000 in cash as part of the transaction, court papers say. Three years ago, Homewood Capital contributed to a $75 million round of funding in the e-cigarette producer, according to an NJOY statement. Mr. Teitelbaum joined NJOY’s board of directors at the time, the company said. NJOY had a one-member board at the time of its chapter 11 filing, court papers say.