Adidas AG has agreed to settle the company’s $54 million claim in the bankruptcy case of Rockport for $8 million.
The settlement was approved by a Delaware bankruptcy judge on Monday, according to Law 360. Rockport filed for bankruptcy protection in May.
Adidas had acquired Rockport in its acquisition of Reebok in 2005 and sold the brand in 2015. Adidas and Reebok had initially filed to recoup unsecured claims of more than $70 million from Rockport.
The Adidas settlement should pave the way for Rockport to complete its sales to CB Marathon Opco LLC, an affiliate of Charlesbank Capital Partners LLC, pending approval by bankruptcy court.