PSG can stick it out a bit longer

Struggling Performance Sports Group has gained some much-needed breathing room.

The cash-strapped maker of Bauer hockey sticks and Easton baseball equipment said Tuesday that it had received a 60-day extension from creditors to comply with its loan covenants.

Without an agreement the company would have been in default.

The Post reported last week that PSG was close to a deal with creditors for an extension, and the stock has been rising in anticipation of Tuesday’s announcement.

PSG shares, which are down more than 80 percent this year, rose 8.5 percent Tuesday to close at $2.68.

Behind the scenes, creditors are angling for more control over the board in exchange for not pushing the company into default, according to a source.

The Exeter, NH-based company said it is working with investment bank Centerview Partners in continuing discussions with creditors who are owed $450 million.

PSG’s high-profile board includes the Edmonton Oilers top executive Bob Nicholson. Until July, former Boston Red Sox Chief Executive Larry Lucchino sat on the board.

Harlan Kent, the former president and CEO of Yankee Candle, took the helm of PSG in June.

PSG said this month it is the subject of a Securities and Exchange Commission investigation. The Post reported in March on alleged revenue misstatements at the company.

PSG declined to comment.