Event of default

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

Retrieved on: 
Friday, March 10, 2023

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.

HEXO Announces High Trail Waives Event of Default Under Secured Note

Retrieved on: 
Monday, March 14, 2022

GATINEAU, Quebec, March 14, 2022 (GLOBE NEWSWIRE) -- HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) ("HEXO" or the “Company") is pleased to announce today that HT Investments MA LLC (the “Noteholder”), the holder of the Company’s senior secured convertible note due May 2023 (the “Secured Note”), has irrevocably waived any rights in relation to the breach of the covenant of the ‎‎Company in the Secured Note to have ‎‎positive Adjusted EBITDA as defined and calculated in the Secured Note for the three-month period ending on ‎January 31, 2022 (the “Event of Default”).

Key Points: 
  • GATINEAU, Quebec, March 14, 2022 (GLOBE NEWSWIRE) -- HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) ("HEXO" or the Company") is pleased to announce today that HT Investments MA LLC (the Noteholder), the holder of the Companys senior secured convertible note due May 2023 (the Secured Note), has irrevocably waived any rights in relation to the breach of the covenant of the Company in the Secured Note to have positive Adjusted EBITDA as defined and calculated in the Secured Note for the three-month period ending on January 31, 2022 (the Event of Default).
  • HEXO provided notice on March 11, 2022 to the Noteholder of the occurrence of an event of default under the Secured Note since it was not in compliance with the covenant of the Company in the Secured Note to have positive Adjusted EBITDA as defined and calculated in the Secured Note for the three-month period ending on January 31, 2022.
  • As a result of the Event of Default, the Noteholder would have had the right to declare the Secured Note or any portion of it to become due and payable immediately for cash in an amount equal to 115% of the outstanding principal amount of the Secured Note.
  • The current outstanding principal amount of the Secured Note, which was issued with an initial principal amount of US$360,000,000 but which has been reduced through redemptions by the Noteholder, is US$208,665,185.

Ozon Provides Update on Trading Halt in Ozon American Depositary Shares on NASDAQ

Retrieved on: 
Friday, March 4, 2022

Ozon Holdings PLC (NASDAQ and MOEX: OZON, thereafter referred to as we, us, our, Ozon or the Company), a leading Russian e-commerce platform, provides this update on the potential ramifications of the suspension of trading of the American Depositary Shares, each representing one ordinary share of the Company (ADSs), on the NASDAQ Global Select Market (NASDAQ).

Key Points: 
  • Ozon Holdings PLC (NASDAQ and MOEX: OZON, thereafter referred to as we, us, our, Ozon or the Company), a leading Russian e-commerce platform, provides this update on the potential ramifications of the suspension of trading of the American Depositary Shares, each representing one ordinary share of the Company (ADSs), on the NASDAQ Global Select Market (NASDAQ).
  • On February 28, 2022, trading of the Ozons ADSs on the NASDAQ was suspended by the NASDAQ.
  • Alternatively, bondholders would be entitled to exercise their conversion rights under the Bonds at a conversion price currently equal to $86.6480.
  • In addition to its core e-commerce business, Ozon is expanding Ozon fintech and other value-added services, such as its quick commerce and online grocery solution Ozon Express.

Spectra7 Cures Debenture Default

Retrieved on: 
Monday, March 9, 2020

As disclosed in the Companys January 15, 2020 news release, Spectra7 had not yet made its interest payment that was due to the holders of Debentures on December 31, 2019.

Key Points: 
  • As disclosed in the Companys January 15, 2020 news release, Spectra7 had not yet made its interest payment that was due to the holders of Debentures on December 31, 2019.
  • On March 4, 2020, the Company issued the late interest payment with incremental interest to Computershare who subsequently distributed the payment to holders of Debentures.
  • Pursuant to the terms of the indenture governing the Debentures, a formal notice will be sent to holders of Debentures advising such holders that the event of default has been cured.
  • Spectra7 is based in San Jose, California with design centers in Cork, Ireland, and Little Rock, Arkansas.