Paintball Empire Goes Bankrupt With Plans to Sell Assets (1)

A court-appointed receiver plans to sell paintball equipment makers G.I. Sportz Inc. and Tippmann Sports after they defaulted on $29 million of debt.

Quebec-based G.I. Sportz, identified in Canadian documents last year as the largest global manufacturer and distributor of paintball-related products, has “no ability to repay” the $29 million it owes under a credit agreement, according to a sworn statement from the company’s receiver.

A judge in Quebec on Thursday handed broad control of the firm’s finances to consulting firm KSV Advisory, bankruptcy court papers show. G.I. Sportz offers a variety of paintball equipment, including ammo, protective gear ...