CCAA

Heritage Cannabis Obtains Creditor Protection to Pursue Restructuring and Sales Process

Retrieved on: 
Tuesday, April 2, 2024
Heritage, Monitor, Sale, CCAA, Creditor

The difficult but necessary decision to commence CCAA proceedings was made after careful consideration of the Company’s financial position, while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors.

Key Points: 
  • The difficult but necessary decision to commence CCAA proceedings was made after careful consideration of the Company’s financial position, while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors.
  • The Initial Order also extends the stay of proceedings to certain U.S. affiliates of the Company who are not applicants in the CCAA proceedings.
  • Heritage intends to seek approval of a sale and investment solicitation process (the “SISP”), which, if approved, would allow interested parties to participate in the process in accordance with the SISP procedures.
  • Additional details in respect of the SISP will be disclosed in due course.

With a nearly complete CCAA restructure, Donnelly Group sets sights on the growth of Sing Sing brand

Retrieved on: 
Tuesday, April 2, 2024
Sing Sing, Sale, News, CCAA, Commercial, Supreme court, Beer

The group has already finalized the sale of a number of its assets including Death & Taxes and Hello Goodbye, all with impending closing dates and proceeds going to secured creditors.

Key Points: 
  • The group has already finalized the sale of a number of its assets including Death & Taxes and Hello Goodbye, all with impending closing dates and proceeds going to secured creditors.
  • Perhaps the clearest gesture of its renewed vision is the group's hospitality arm, Freehouse Collective, announcing the imminent opening of two Sing Sing Beer Bar locations.
  • "Sing Sing is a fan favourite, so we're excited to have new partners and communities to house the brand."
  • Its new locations will open with the addition of weekend brunch, a rotating natural and organic wine program, and freshly fashioned happy hour.

Despite denials, KPMG continues to tell bankers to freeze Gen7 Fuel accounts

Retrieved on: 
Friday, March 22, 2024
CTV News, First Nations, KPMG, Asset, Letter, BMO, Bennett Jones, Risk, Creditor, CCAA, Bank of Montreal, News, Lawyer, KMPG, OTE, Security (finance)

TORONTO, March 22, 2024 /CNW/ - The Gen7 Fuel bank account at BMO's North Bay branch has been frozen after KMPG's lawyers at Bennett Jones LLP presented a letter demanding the action.

Key Points: 
  • TORONTO, March 22, 2024 /CNW/ - The Gen7 Fuel bank account at BMO's North Bay branch has been frozen after KMPG's lawyers at Bennett Jones LLP presented a letter demanding the action.
  • Gen7 Fuel is not part of these CCAA proceedings and we have not had the alleged discussions with Gen7's banking partners."
  • Gen7 relies on the bank account to pay for the fuel it provides to its stations.
  • By combining their resources, they are able to purchase quality fuel at reasonable prices and compete with large oil brands.

Indigenous owned Gen 7 Fuel Retail Chain Harassed by KPMG over unrelated insolvency file

Retrieved on: 
Wednesday, March 13, 2024
First Nations, KPMG, Gasoline, Fuel, CCAA, Indigenous, Justice, OTE

Indigenous owned Gen 7 Fuel Retail Chain Harassed by KPMG over unrelated insolvency file.

Key Points: 
  • Indigenous owned Gen 7 Fuel Retail Chain Harassed by KPMG over unrelated insolvency file.
  • "Each time KPMG has told one of our banking partners to refuse our business, the banks have followed the court-monitor's advice, said Mat Mcleod, President, Gen7 Fuel.
  • In the summer of 2022, OTE had canceled all contracts with Gen7, without notice, leaving the retail chain to find alternative fuel supply.
  • KPMG is not only harming us, it is also threatening the financial welfare of our employees, suppliers, and the Indigenous communities we serve.

Unifor says SaltWire's credit protection filing is more devastating news for a walloped media sector

Retrieved on: 
Tuesday, March 12, 2024
Democracy, Bankruptcy, Social justice, The Telegram, Pension, Risk, Heel, SaltWire Network, News, CCAA, Private sector, The Chronicle Herald, Bell Media, Advertising, Journalism, Telegraphy

ST. JOHN'S, NL, March 12, 2024 /CNW/ - Unifor is deeply concerned after learning creditor protection Atlantic newspaper owner SaltWire Network Inc. filed for creditor protection yesterday.

Key Points: 
  • ST. JOHN'S, NL, March 12, 2024 /CNW/ - Unifor is deeply concerned after learning creditor protection Atlantic newspaper owner SaltWire Network Inc. filed for creditor protection yesterday.
  • "This one cuts close to home as I got my start in journalism many years ago at the St. John's Telegram.
  • Unifor represents more than 10,000 media workers, including journalists in the broadcast and print news industry.
  • Unifor is Canada's largest union in the private sector, representing 315,000 workers in every major area of the economy.

COPL Announces Initial CCAA Order Issued

Retrieved on: 
Monday, March 11, 2024
Indian stock exchange, COPL, AB, Financial services, London Stock Exchange, Sale, News, CCAA, Public expenditure, XOP, United States bankruptcy court, Bankruptcy, Court, Petroleum

LONDON and CALGARY, AB, March 11, 2024 /CNW/ - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE)  announced that the previously disclosed initial order (the "Initial Order") has been issued by the Alberta Court of King's Bench (the "Court") pursuant to the Companies' Creditors Arrangement Act ("CCAA").

Key Points: 
  • LONDON and CALGARY, AB, March 11, 2024 /CNW/ - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE)  announced that the previously disclosed initial order (the "Initial Order") has been issued by the Alberta Court of King's Bench (the "Court") pursuant to the Companies' Creditors Arrangement Act ("CCAA").
  • In that regard, COPL intends to seek Court approval to launch the SISP on or around March 18, 2024.
  • Details in respect of the CCAA proceedings will be made available on the following website at www.ksvadvisory.com/experience/case/canadian-overseas-petroleum .
  • The Company intends to seek recognition of the CCAA proceedings in the United States Bankruptcy Court for the district of Delaware.

COPL Announces CCAA Application and Suspension of Trading in the Company's Shares

Retrieved on: 
Monday, March 11, 2024
Province, COPL, AB, London Stock Exchange, LLP, CCAA, DIP, XOP, Security (finance)

The Initial Order would provide for, among other things, a stay of proceedings in favour of the COPL Group, approval of debtor-in-possession financing ("DIP Financing") and the appointment of KSV Restructuring Inc. to serve as monitor of the COPL Group (in such capacity, the "Monitor").

Key Points: 
  • The Initial Order would provide for, among other things, a stay of proceedings in favour of the COPL Group, approval of debtor-in-possession financing ("DIP Financing") and the appointment of KSV Restructuring Inc. to serve as monitor of the COPL Group (in such capacity, the "Monitor").
  • In light of the application for the Initial Order, the Company has requested a suspension of trading in the Company's common shares on both the London Stock Exchange and the Canadian Securities Exchange with immediate effect.
  • The COPL Group will continue its day-to-day operations as usual and intends to continue paying its critical suppliers in the ordinary course during the CCAA proceedings.
  • As previously announced, Peter Kravitz of Province Fiduciary Services is serving as COPL's Chief Restructuring Officer.

Lynx Air Files for and Obtains CCAA Creditor Protection

Retrieved on: 
Friday, February 23, 2024
Lynx, Lynx Air, Sale, Monitor, CCAA, FAQ, Travel, Airline

CALGARY, Alberta, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Lynx Air (Lynx), a low-cost airline with service to destinations throughout Canada, the U.S. and Mexico, today announced that it has sought and obtained an initial order for creditor protection from the Court of King’s Bench of Alberta under the Companies' Creditors Arrangement Act (“CCAA”).

Key Points: 
  • CALGARY, Alberta, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Lynx Air (Lynx), a low-cost airline with service to destinations throughout Canada, the U.S. and Mexico, today announced that it has sought and obtained an initial order for creditor protection from the Court of King’s Bench of Alberta under the Companies' Creditors Arrangement Act (“CCAA”).
  • Over the past year, Lynx Air, has faced a number of significant headwinds including rising operating costs, high fuel prices, exchange rates, increasing airport charges and a difficult economic and regulatory environment.
  • Osler, Hoskin & Harcourt LLP are acting as legal advisors to Lynx Air.
  • Additional information related to the CCAA proceedings will be available on the Monitor's case website at: http://cfcanada.fticonsulting.com/lynxair .

Hornblower Group to Be Acquired and Receive Significant New Equity Investment

Retrieved on: 
Wednesday, February 21, 2024
FTI Consulting, PJT Partners, Running, Deutsche Bank, Vinson & Elkins, SVP, Transport, Tourism, Growth, Sale, FAQ, Travel, CCAA, Guggenheim Partners, Value Partners (asset management), Journey Beyond

Under the terms of the agreement, funds managed by Strategic Value Partners, LLC and its affiliates (together, "SVP"), a global alternative investment firm, will acquire majority ownership of Hornblower and provide a significant equity investment in the business.

Key Points: 
  • Under the terms of the agreement, funds managed by Strategic Value Partners, LLC and its affiliates (together, "SVP"), a global alternative investment firm, will acquire majority ownership of Hornblower and provide a significant equity investment in the business.
  • Crestview Partners ("Crestview") will retain a significant minority position in Hornblower and become the sole owner of Journey Beyond, a stand-alone operating unit of Hornblower and the leading experiential travel provider in Australia.
  • Hornblower is taking this action because of the underperformance of AQV, which has not rebounded from the pandemic.
  • With substantial growth potential in travel and tourism, we see significant opportunities ahead for Hornblower to further expand its leadership position.

Red White & Bloom Brands Transitions to International Cannabis Company Through Closing of Aleafia Transaction

Retrieved on: 
Monday, January 15, 2024
ECC, Hand, Corporation, Sale, Practitioner, Monitor, Transaction, CFO, Basalt, Marketing, RWB, Physician, Divvy, Approval, Acquisition, Patient, Health, OTC, Rationalization, CCAA, Security (finance)

TORONTO, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB”) is pleased to announce that, in connection with the proceedings of Aleafia Health Inc. (“Aleafia Health”) and certain of its subsidiaries (collectively, the “Aleafia Group”) under the Companies’ Creditors Arrangement Act (the “CCAA Proceedings”), the parties have successfully closed the previously announced sale transaction (the “Transaction”), as further described below.

Key Points: 
  • “The accretive nature of the Transaction has been evident to RWB management since the inception of the relationship with the Aleafia group of companies.
  • With the closing behind us, the combined, dedicated RWB and Aleafia teams are focused on delivering accessible synergies focused within sales, production, procurement, and marketing."
  • One of Canada’s largest virtual medical cannabis clinics that provides quality cannabis products to patient subscribers in a convenient and low-cost setting.
  • An established portfolio of loyal cannabis brands in both adult use (recreational) and medical channels.