CCAA

IntelGenx Obtains Court-Approval of a Sale and Investment Solicitation Process

Retrieved on: 
火曜日, 5月 28, 2024
CCAA, News, DIP, Sale, Superior court, TSX, Monitor

On May 27, 2024, IntelGenx obtained an order from the Court (the “SISP Approval Order”) approving the implementation of a sale and investment solicitation process intended to generate interest in either the business or the assets of IntelGenx, or in a recapitalization of IntelGenx, with the goal of implementing one or more transaction(s) (the “SISP”).

Key Points: 
  • On May 27, 2024, IntelGenx obtained an order from the Court (the “SISP Approval Order”) approving the implementation of a sale and investment solicitation process intended to generate interest in either the business or the assets of IntelGenx, or in a recapitalization of IntelGenx, with the goal of implementing one or more transaction(s) (the “SISP”).
  • The SISP Approval Order provides that the SISP will be conducted by the Monitor.
  • The SISP will be conducted as a two-phase process with the Phase 1 Non-Binding LOI Submission Deadline set for 5:00 p.m. (Montréal Time) on July 15, 2024.
  • Copies of the order approving the SISP and the SISP procedures may be obtained from the Monitor’s website: www.ey.com/ca/intelgenx .

IntelGenx Initiates Restructuring Proceedings Under the CCAA to Implement a Review of its Strategic Alternatives

Retrieved on: 
金曜日, 5月 17, 2024
Toronto Stock Exchange, CCAA, News, Exercise, DIP, Sale, Research, Court, Superior court, TSX, Monitor

The protection afforded by the CCAA is intended to provide the Company with the time and breathing room necessary to implement a strategic review process under the oversight of the Board of Directors and with the advice of IntelGenx’s professional advisors.

Key Points: 
  • The protection afforded by the CCAA is intended to provide the Company with the time and breathing room necessary to implement a strategic review process under the oversight of the Board of Directors and with the advice of IntelGenx’s professional advisors.
  • The Initial Order provides a stay of creditor claims and exercise of contractual rights with a view to provide the Company some breathing room to implement its strategic review process.
  • The Court has appointed Ernst & Young Inc. to serve as Monitor in the CCAA proceedings and to assist the Company with its restructuring efforts and report to the Court during the restructuring.
  • The Initial Order authorizes interim debtor-in-possession financing (DIP) financing in order to allow the Company to continue its operations during the restructuring process and implement the necessary restructuring measures.

IntelGenx Initiates Restructuring Proceedings Under the CCAA to Implement a Review of its Strategic Alternatives

Retrieved on: 
金曜日, 5月 17, 2024
Toronto Stock Exchange, CCAA, Exercise, DIP, Sale, Court, Superior court, TSX, Security (finance)

After a careful review of all available alternatives and following thorough consultation with its legal and financial advisors, the Company’s Board of Directors determined that it was in the best interest of IntelGenx and its stakeholders to file an application for creditor protection under the CCAA.

Key Points: 
  • After a careful review of all available alternatives and following thorough consultation with its legal and financial advisors, the Company’s Board of Directors determined that it was in the best interest of IntelGenx and its stakeholders to file an application for creditor protection under the CCAA.
  • The protection afforded by the CCAA is intended to provide the Company with the time and breathing room necessary to implement a strategic review process under the oversight of the Board of Directors and with the advice of IntelGenx’s professional advisors.
  • The initial Court order sought is expected to include a stay of creditor claims and exercise of contractual rights with a view to provide the Company some breathing room to implement its strategic review process.
  • It is also expected to authorize interim debtor-in-possession (DIP) financing in order to allow the Company to continue its operations during the restructuring process and implement the necessary restructuring measures.

Select Ted Baker Stores Across Canada and the U.S. Commence Store Closing Sales

Retrieved on: 
金曜日, 5月 10, 2024
Fashion, Retail, Ted Baker, CCAA, Bankruptcy Code, Collection, Lucky Brand Jeans, Bankruptcy, Brooks Brothers, Woman, United States bankruptcy court, General store

Ted Baker Canada, which conducts business operations for Ted Baker in Canada, Ted Baker Limited in the United States, Brooks Brothers in Canada, and Lucky Brand in Canada (collectively, the “Company”), announced today that it will be commencing store closing sales across select locations.

Key Points: 
  • Ted Baker Canada, which conducts business operations for Ted Baker in Canada, Ted Baker Limited in the United States, Brooks Brothers in Canada, and Lucky Brand in Canada (collectively, the “Company”), announced today that it will be commencing store closing sales across select locations.
  • All Ted Baker stores in Canada and the U.S. will be offering savings of up to 30% off original prices on the entire collection of men’s and women’s high-end designer clothing and accessories at all 31 retail locations in the U.S., and 9 stores in Canada.
  • Brooks Brothers Canada is offering savings of up to 30% off original prices on the entire selection of high-end luxury apparel for men, women and children and home furnishings across all 8 retail stores in Canada.
  • The store closing sales will apply at retail stores only.

Court decision determines Gen7 Fuel bank accounts not part of OTE's insolvency process.

Retrieved on: 
水曜日, 5月 8, 2024
KPMG, OTE, Asset, Seizure, First Nations, Monitor, BMO, CCAA, KMPG

BURLINGTON, ON, May 8, 2024 /CNW/ - The bank accounts of Gen7 Fuel LP (Gen7) and its network of wholly owned Indigenous retail gas and convenience stores have now been officially unfrozen.

Key Points: 
  • BURLINGTON, ON, May 8, 2024 /CNW/ - The bank accounts of Gen7 Fuel LP (Gen7) and its network of wholly owned Indigenous retail gas and convenience stores have now been officially unfrozen.
  • KPMG's request is outlined in its April 16th submission to the Ontario Superior Court of Justice (the court).
  • According to KPMG's submission, BMO had refused to release the funds from Gen7's bank accounts until it received specific direction from the court.
  • The bank account freezes resulted in Gen7 being unable to pay for fuel deliveries, the lifeblood of the gas retailer's operations.

Heritage Cannabis Announces Commencement of Sale and Investment Solicitation Process

Retrieved on: 
月曜日, 4月 15, 2024
Sale, Business, The, CCAA, Heritage, EST, Stalking, Tourism

Toronto, ON, April 15, 2024 (GLOBE NEWSWIRE) -- Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) ("Heritage" or the "Company") today announced the commencement of a sale and investment solicitation process (the "SISP") in respect of the business and assets of the Company, 1005477 B.C.

Key Points: 
  • Toronto, ON, April 15, 2024 (GLOBE NEWSWIRE) -- Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) ("Heritage" or the "Company") today announced the commencement of a sale and investment solicitation process (the "SISP") in respect of the business and assets of the Company, 1005477 B.C.
  • Ltd., Heritage Cannabis West Corporation ("Heritage West"), Mainstrain Market Ltd., Heritage Cannabis East Corporation, Purefarma Solutions Inc., 333 Jarvis Realty Inc., 5450 Realty Inc., Heritage Cannabis Exchange Corp. and Premium 5 Ltd. (collectively, the "Heritage Group").
  • The SISP will be conducted in the Heritage Group’s ongoing proceedings under the Companies’ Creditors Arrangement Act (the "CCAA").
  • The SISP is intended to solicit interest in and opportunities for a sale of, or investment in, all or part of the Heritage Group’s Property and Business.

Antibe Announces Appointment of Receiver

Retrieved on: 
水曜日, 4月 24, 2024
Health, Other Science, General Health, Research, Science, Pharmaceutical, Biotechnology, TSX, Court, CCAA

Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSX: ATE) announced that the Company’s request for an extension of its previously announced stay of proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”) was heard before the Ontario Superior Court of Justice (Commercial List) (the “Court”) on April 18, 2024 and the decision was reserved.

Key Points: 
  • Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSX: ATE) announced that the Company’s request for an extension of its previously announced stay of proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”) was heard before the Ontario Superior Court of Justice (Commercial List) (the “Court”) on April 18, 2024 and the decision was reserved.
  • On April 22, 2024, the Court issued its decision terminating CCAA proceedings and appointing FTI Consulting Canada Inc. as receiver of Antibe.
  • The Company also announced that Roderick Flower, Robert Hoffman, Dan Legault, Walt Macnee and Yung Wu have resigned from Antibe’s Board of Directors.
  • In addition, the Company today received notification from the TSX that it will be delisting Antibe’s common shares from the TSX effective as of May 24, 2024.

Antibe Announces Granting of Initial Order Under Companies' Creditors Arrangement Act

Retrieved on: 
水曜日, 4月 10, 2024
Biotechnology, Pharmaceutical, Health, OTCQX, Food, TSX, Singapore International Arbitration Centre, Toronto Stock Exchange, Court, CCAA, Pharmaceutical industry

Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSX: ATE, OTCQX: ATBPF) announced that its previously announced application for an Initial Order under the Companies' Creditors Arrangement Act (the "CCAA"), has been granted by the Ontario Superior Court of Justice (Commercial List) (the "Court").

Key Points: 
  • Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSX: ATE, OTCQX: ATBPF) announced that its previously announced application for an Initial Order under the Companies' Creditors Arrangement Act (the "CCAA"), has been granted by the Ontario Superior Court of Justice (Commercial List) (the "Court").
  • Pursuant to the Initial Order, the Company has obtained protection from its creditors for an initial period expiring April 18, 2024 (the "Stay Period"), the maximum permitted under the CCAA.
  • The Initial Order, amongst other things, stays any action by Nuance Pharma to enforce the previously announced confidential ruling from the Singapore International Arbitration Centre requiring Antibe to pay approximately US$24 million to Nuance.
  • A copy of the Initial Order and other information regarding the CCAA proceedings is available on the Monitor's website at https://www.insolvencies.deloitte.ca/antibe .

Heritage Cannabis Obtains Creditor Protection to Pursue Restructuring and Sales Process

Retrieved on: 
火曜日, 4月 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: 
火曜日, 4月 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.