Hockey stick maker Sherwood-Drolet files proposal with creditors
Last Updated: Thursday, May 8, 2008 | 8:22 AM ET
CBC Sports
The maker of Sher-Wood hockey sticks and other equipment has filed a proposal to its creditors under the Bankruptcy and Insolvency Act, it was announced Monday.
Sherwood-Drolet said in a release that it would initiate a public tender process for the purchase of its assets.
The company was established as Sherbrooke Woodcraft in 1949 by Leo Drolet. It has been hurt in recent years by the shift from wooden hockey sticks to composite sticks made with synthetic materials such as graphite and Kevlar.
In late 2007, Sherwood-Drolet announced it was outsourcing the production of wooden hockey sticks, effective January, to Estonia and China.
Monday's filing was made with the approval of trustee Ernst & Young, Sherwood-Drolet said.
The company also said the announcement would not affect its affiliate, Inglasco, the supplier of pucks to the NHL.
