Companies' Creditors Arrangement Act

WeWork Takes Strategic Action to Significantly Strengthen Balance Sheet and Further Streamline Real Estate Footprint

Retrieved on: 
Tuesday, November 7, 2023
Professional Services, Other Consumer, Consumer, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, Goodmans, NYSE, PJT Partners, Court, Kirkland & Ellis, LLP, WeWork, Chapter 11, Title 11, United States Code, Companies' Creditors Arrangement Act

WeWork’s locations outside of the U.S. and Canada are not part of this process.

Key Points: 
  • WeWork’s locations outside of the U.S. and Canada are not part of this process.
  • WeWork has a deliberate and value maximizing lease rejection plan that is expected to position the company for operational and financial success.
  • David Tolley, CEO of WeWork said, “It is the WeWork community that makes us successful.
  • WeWork has retained Hilco Real Estate to assist with lease renegotiations.

Red White & Bloom Provides Update Relating to Aleafia Health

Retrieved on: 
Thursday, October 12, 2023
OTC, RWB, Court, Ontario Superior Court of Justice, CSE, CCAA, Companies' Creditors Arrangement Act, Sale

TORONTO, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).

Key Points: 
  • TORONTO, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
  • As previously disclosed, the Stalking Horse Agreement provides for a reverse vesting transaction whereby a wholly-owned subsidiary of RWB would subscribe for shares of certain of Aleafia Health’s subsidiaries (collectively, the “Aleafia Purchased Entities”) and acquire specific intellectual property owned, licensed or leased by Aleafia Health.
  • Certain excluded assets and liabilities of the Aleafia Purchased Entities would be transferred to one or more corporations that would not be included among the Aleafia Purchased Entities at closing.
  • RWB’s subsidiary would be the sole shareholder of the Aleafia Purchased Entities following closing.

Red White & Bloom Provides Update Relating to Aleafia Health

Retrieved on: 
Tuesday, August 22, 2023
Companies' Creditors Arrangement Act, License, Ontario Superior Court of Justice, Maintenance, CSE, Senior, CCAA, IP, Sale, Date, Stalking, Documentation, RWB, OTC, Monitor, Security (finance), Auction, Court

TORONTO, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).

Key Points: 
  • TORONTO, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (“RWB” or the “Company”) is providing an update on matters relating to Aleafia Health Inc. (“Aleafia Health”).
  • Certain excluded assets and liabilities of the Aleafia Purchased Entities would be transferred to one or more corporations that would not be included among the Aleafia Purchased Entities at closing.
  • RWB’s subsidiary would be the sole shareholder of the Aleafia Purchased Entities following closing.
  • The entering into the Stalking Horse Agreement was evaluated and ultimately approved by the disinterested members of the board of directors of each of Aleafia Health and RWB.

Dynamic Technologies Announces Termination of Sales and Investment Solicitation Process and Extension of Stay

Retrieved on: 
Friday, May 26, 2023
Companies' Creditors Arrangement Act, Bankruptcy, Chapter 15, Title 11, United States Code, File, CCAA, Sale, Title 11 of the United States Code, NEX, OTC, Dynamics, Court

The closing of the proposed Sale Transaction is subject to certain standard conditions, including the negotiation of definitive agreements and the approval of the Court of King’s Bench of Alberta (the “Court”).

Key Points: 
  • The closing of the proposed Sale Transaction is subject to certain standard conditions, including the negotiation of definitive agreements and the approval of the Court of King’s Bench of Alberta (the “Court”).
  • There can be no assurance that the proposed Sale Transaction will be successfully concluded in a timely manner or at all.
  • MLT Aikins LLP is acting as legal counsel to the Company and its Subsidiaries in connection with the CCAA proceedings and the proposed Sale Transaction.
  • The Chapter 15 Application was filed on May 17, 2023 and will proceed on June 13, 2023 upon expiry of the 21 day notice period.

West Red Lake Gold Mines Ltd. Signs Definitive Agreement for Madsen Gold Project

Retrieved on: 
Thursday, May 18, 2023
TSX Venture Exchange, Companies' Creditors Arrangement Act, Sale, Pure Gold, Acquisition, SEDAR, Supreme court, Law of the United Kingdom, News, Cryptocurrency, Security (finance)

VANCOUVER, British Columbia, May 18, 2023 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake” or “WRLG”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to announce that further to its news release dated April 17, 2023 it has entered into the Definitive Share Purchase Agreement with Pure Gold Mining Inc. (“Pure Gold”), and a fund managed by Sprott Resource Lending Corp. in respect of the acquisition of the Madsen Gold Project through the acquisition of all of the issued and outstanding shares of Pure Gold (the “Acquisition”).

Key Points: 
  • VANCOUVER, British Columbia, May 18, 2023 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake” or “WRLG”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to announce that further to its news release dated April 17, 2023 it has entered into the Definitive Share Purchase Agreement with Pure Gold Mining Inc. (“Pure Gold”), and a fund managed by Sprott Resource Lending Corp. in respect of the acquisition of the Madsen Gold Project through the acquisition of all of the issued and outstanding shares of Pure Gold (the “Acquisition”).
  • Details of the Acquisition and the Madsen Gold Project can be found in the Company’s April 17, 2023 news release, which is available on SEDAR.
  • Closing of the Acquisition is subject to various conditions precedent including receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange, and receipt of the reverse vesting order from the Supreme Court of British Columbia in Pure Gold’s ongoing proceedings pursuant to the Companies Creditors Arrangement Act.
  • The court hearing for approval for the sale of Pure Gold is set for May 29, 2023.

Workers gain protection as pension super-priority Bill receives royal assent

Retrieved on: 
Friday, April 28, 2023
Companies' Creditors Arrangement Act, Bankruptcy and Insolvency Act, Private sector, Bankruptcy, Senate, Creditor, Unifor, Pension Benefit Guaranty Corporation, Unifor National Council 4000, Pension, Macdonald, Wind, Social justice, Retirement, MP, United States Senate Committee on Veterans' Affairs, Legislation, Security (finance), Insurance

OTTAWA, ON, April 28, 2023 /CNW/ - Bill C-228, a private members' bill that gives pension plan members super-priority during plan windups and bankruptcy proceedings received royal assent.

Key Points: 
  • OTTAWA, ON, April 28, 2023 /CNW/ - Bill C-228, a private members' bill that gives pension plan members super-priority during plan windups and bankruptcy proceedings received royal assent.
  • I'm glad to see lawmakers in both chambers say 'enough is enough' and put workers first by adopting this legislation," said Lana Payne, Unifor National President.
  • "Bill C-228 means that workers can have even more faith that their negotiated pensions are guaranteed.
  • Unifor is Canada's largest union in the private sector and represents 315,000 workers in every major area of the economy.

Defined Benefit Pensioners Win Battle for Pension Protection

Retrieved on: 
Wednesday, April 19, 2023
Companies' Creditors Arrangement Act, Bankruptcy and Insolvency Act, Poverty, Private sector, Bankruptcy, Senate, CFP, Creditor, Canadian Labour Congress, Pension Benefit Guaranty Corporation, Pension, Pension Protection Act of 2006, Elder abuse, CARP, Organization, Liberal Government of New Zealand, Congress, MP, Retirement, Pensioner, Betula papyrifera, Pension fund, Nortel, Canadian Network of Asset Managers

TORONTO, April 19, 2023 /CNW/ - Yesterday marks a historic victory for the protection of Canadian pensioners.

Key Points: 
  • TORONTO, April 19, 2023 /CNW/ - Yesterday marks a historic victory for the protection of Canadian pensioners.
  • "This landmark legislation will protect millions of Canadians who rely on defined benefit pensions for their financial security in retirement," said Michael Powell, President, Canadian Federation of Pensioners, whose organization led the charge for this protection.
  • This means Canadian pensioners will move closer to the front of the line, improving the likelihood of receiving their full pension.
  • "We urge the Liberal Government and the Governor General to expedite Royal Ascent of C-228 and ensure pensioners get the protection they urgently need."

WEST RED LAKE GOLD MINES LTD. TO ACQUIRE MADSEN GOLD MINE IN TRANSFORMATIVE TRANSACTION

Retrieved on: 
Monday, April 17, 2023
Minority, TSX Venture Exchange, FOR, Pure Gold Jewellers, MI, NOT, Companies' Creditors Arrangement Act, Evolution Mining, ASX, NSR, CCAA, Sale, Underwriting, US, WIRE, Gold, Acquisition, Offering, Transaction, OTC, Supreme court, NEWS, Law of the United Kingdom, TSX, Growth, Letter, Security (finance), Mining, Cryptocurrency, Financial adviser, Bank, Pure Gold, Rowan, Sprot

The share and NSR consideration is expected to accrue to Sprott as a fund managed by Sprott is the senior secured lender to Pure Gold.

Key Points: 
  • The share and NSR consideration is expected to accrue to Sprott as a fund managed by Sprott is the senior secured lender to Pure Gold.
  • Following the transaction, WRLG will become a leading, debt-free, and well-capitalized explorer and developer of high-grade gold in the historic Red Lake gold camp.
  • Madsen is strategically surrounded by major producers Evolution Mining (ASX:EVN), Kinross Gold (TSX:K) and Barrick Gold (TSX:ABX)
    Post transaction WRLG emerges debt-free and well capitalized.
  • Tom Meredith, CEO and Director of WRLG, stated, "The acquisition of the Madsen Mine is a major step, and positions us as a leader in Red Lake gold exploration and development.

PureGold to be Acquired by West Red Lake Gold Mines Ltd.

Retrieved on: 
Monday, April 17, 2023
TSX Venture Exchange, Companies' Creditors Arrangement Act, NSR, NEX, Transaction, OTC, Acquisition, Letter, Security (finance), Court, Sprot

VANCOUVER, British Columbia, April 17, 2023 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (NEX:PGM.H) (the “Company”) announces that it has entered into a binding letter agreement with West Red Lake Gold Mines Ltd. (“West Red Lake” or “WRLG”) (TSXV: WRLG, OTC: WRLGF) and Sprott Resource Lending Corp. (“Sprott”), whereby WRLG will, subject to certain conditions precedent, acquire all of the issued and outstanding shares of the Company (the “Acquisition”), subject to approval of the British Columbia Supreme Court (the “Court”) in the Company’s ongoing proceedings pursuant to the Companies Creditors Arrangement Act (the “CCAA Proceedings”).

Key Points: 
  • WRLG has agreed to pay C$6.5 million in cash, issue 28.46 million common shares and grant a 1.0% secured Net Smelter Royalty (“NSR”) on the Madsen Gold Project as consideration for the Acquisition, as well as make up to US$10.0 million in deferred consideration payments.
  • The share and NSR consideration is expected to accrue to Sprott as a fund managed by Sprott is the senior secured lender to the Company.
  • In addition, US$10.0 million in deferred consideration is payable upon a change of control of WRLG with WRLG having the right to pay down any part of the deferred consideration prior to any change of control.
  • In conjunction with the Acquisition, WRLG has entered into an engagement letter with Canaccord Genuity in respect of a “bought-deal” private placement of subscription receipts for gross proceeds of C$20,000,050 and an underwriter’s option of C$5,000,100.

The Limestone Boat Company Limited Provides Market Update with Respect to Chapter 7 Bankruptcy Filings by US- Subsidiaries

Retrieved on: 
Friday, March 10, 2023
Trustee, Runabout, Bankruptcy, Chapter 11, Title 11, United States Code, Great Lakes, Bankruptcy Code, Event of default, Atlantic Canada, PLLC, Companies' Creditors Arrangement Act, EV, Chapter 7, Title 11, United States Code, Trustee in bankruptcy, Nashville Division, United States bankruptcy court, Sale, Security (finance), Limestone

No formal issues were raised by creditors of the Limestone US Subsidiaries and the Trustee has advised that the Chapter 7 Proceedings are expected to move forward in a timely and efficient manner.

Key Points: 
  • No formal issues were raised by creditors of the Limestone US Subsidiaries and the Trustee has advised that the Chapter 7 Proceedings are expected to move forward in a timely and efficient manner.
  • The Company expects than an asset sale with respect to the remaining assets owned by the Limestone US Subsidiaries is expected to take place in the coming weeks.
  • As a result of the Event of Default, all amounts outstanding under the Debenture Indenture became due and payable by Limestone.
  • In addition to the financial restructuring, the Company has also actively been working on the relocation of the Limestone Boat manufacturing operations to New Brunswick, Canada.