COLUMBUS, Ohio – Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) and sure of its direct and oblique wholly owned subsidiaries (collectively “GGB”, the “Company” or the “Applicants”) in the present day offered an replace on its insolvency proceedings underneath the Companies’ Creditors Arrangement Act (Canada) (“CCAA”).
As introduced on May 20, 2020, the Company filed for insolvency safety underneath the CCAA and obtained an order from the Ontario Superior Court of Justice (the “Court”) granting the Applicants safety underneath the CCAA for an preliminary 10 day interval till May 29, 2020, as prolonged till June 12, 2020.
On June 2, 2020, the Court granted a movement filed by the Company and issued an order (the “Amended and Restated Order”): (i) extending the keep interval till August 15, 2020; (ii) growing the quantity of the Court-ordered cost over the Applicants’ property, property and undertakings in reference to the Applicants’ debtor-in-possession financing settlement with All Js Greenspace LLC (“All Js”) (the “DIP Agreement”); (iii) approving the implementation of a sale and funding solicitation course of (the “SISP”); and (iv) approving a stalking-horse settlement (the “Stalking Horse Agreement”) among the many Company, All Js and Capital Transfer Agency in its capability because the debentureholder trustee of the Company’s (A) US$45,500,000 combination principal quantity of 15.00% secured convertible debentures that matured May 17, 2020 and (B) US$23,717,000 combination principal quantity of 5.00% secured convertible debentures maturing in 2024 (All Js and Capital Transfer Agency in such capacities are collectively known as the “Secured Credit Bidders”) pursuant to which the Secured Credit Bidders would act as stalking-horse bidders underneath the SISP.
The SISP will probably be carried out throughout the CCAA proceedings underneath the supervision of Ernst & Young Inc. (“E&Y”), the Court-appointed monitor of the Applicants, and will probably be used to establish a number of purchasers of the Company’s property. The SISP units forth the style during which potential purchasers submit bids, together with the relevant deadlines for the submission of bids. Under the SISP, the present deadline for supply of preliminary non-binding letters of curiosity is 5:00 pm (Eastern Time) on July 6, 2020. It is anticipated that the SISP course of will probably be concluded by August 31, 2020.
A replica of the SISP, Amended and Restated Order and different Court supplies and knowledge associated to the Company’s CCAA proceedings, all as could also be up to date or amended every now and then, can be found on the web site maintained by E&Y at www.ey.com/ca/ggbi.
The Company intends to offer additional updates on the CCAA proceedings and SISP course of when there are important developments.
About Green Growth Brands Inc.
Green Growth Brands creates exceptional experiences in hashish. The firm’s manufacturers embrace CAMP, The+Source, and eight Fold. GGB is increasing its hashish operations all through the U.S., by way of dispensaries in Nevada, Massachusetts and Florida. Learn extra concerning the imaginative and prescient at GreenGrowthBrands.com