(Litchfield)--Schutt Sports will sell most of its assets to Delaware based Kranos Intermediate Holding Corporation for over thirty three million dollars. According to US Bankruptcy Judge Kevin Carey, the sale would be approved once final language has been drafted.

An auction was held last week to sell Schutt's assets. Kranos has agreed to keep around four hundred employees, and retain Schutt Sports employees in Illinois for at least twelve months, and workers in Pennsylvania for at least three months.