A federal judge has confirmed the Chapter 11 bankruptcy plan for Schutt Sports Inc. Creditors “overwhelmingly voted to accept the plan,” Chief U.S. Bankruptcy Judge Kevin J. Carey from Delaware said in his order on May 10, according to Bloomberg Businessweek.

Unsecured creditors were told in the disclosure statement not to expect to recover more than 3 percent on their $15.9 million in claims, Bloomberg reported. The principal creditors were previously paid as the result of a settlement with competitor Riddell Inc.

As reported, Platinum Equity, a Los Angeles-based private investment group, submitted a winning $32.5 million bid for the assets of Schutt Sports at an auction in late December in federal bankruptcy court. Robert Erb, Schutt’s CEO since 2007, will continue to lead the company.

Platinum, run by billionaire Tom Gores, has completed almost 100 acquisitions since the company was created in 1995.

According to court papers, the asset sale generated $32.1 million in gross proceeds. Only $347,000 was left for unsecured creditors. Including other cash sources, the disclosure statement estimated that the bankrupt estate would have $1.76 million in April.

The $29 million patent infringement judgment won by New York-based Riddell precipitated Schuttâ€s bankruptcy filing.

When Schutt filed under Chapter 11 in September, $34.8 million was owed to the secured lender Bank of America NA, plus the $17.4 million on a subordinated note. The pre-bankruptcy secured debt was replaced with a $34 million credit to finance the Chapter 11 case.

Based in Litchfield, IL, Schutt said assets and debt both exceeded $50 million.