Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) and
certain of its direct and indirect wholly owned subsidiaries (collectively
“GGB”, the “company” or the “Applicants”) on Tuesday released an update on its
insolvency proceedings under the Companies’ Creditors Arrangement Act (Canada)
(“CCAA”). As announced on May 20, 2020, GGB filed for insolvency protection
under the CCAA and obtained an order from the Ontario Superior Court of Justice
(the “Court”) granting protection for an initial 10 day period until May 29,
2020, as extended until June 12, 2020. According to the update, the Court, on
June 2, 2020, granted a motion filed by the company and issued an order. The
“Amended and Restated Order”: (i) extends the stay period until August 15,
2020; (ii) increases the amount of the Court-ordered charge over the
Applicants’ assets, property and undertakings in connection with the
Applicants’ debtor-in-possession financing agreement with All Js Greenspace LLC
(“All Js”) (the “DIP Agreement”); (iii) approves the implementation of a sale
and investment solicitation process (the “SISP”); and (iv) approves a
stalking-horse agreement among the company, All Js and Capital Transfer Agency
in its capacity as the debenture holder trustee of the company’s (A)
US$45,500,000 aggregate principal amount of 15.00% secured convertible
debentures that matured May 17, 2020 and (B) US$23,717,000 aggregate principal
amount of 5.00% secured convertible debentures maturing in 2024 (All Js and
Capital Transfer Agency in such capacities are collectively referred to as the
“Secured Credit Bidders”) pursuant to which the Secured Credit Bidders would
act as stalking-horse bidders under the SISP.
To view the full press release, visit http://ibn.fm/QK7ao
About Green Growth Brands Inc.
Green Growth Brands creates remarkable experiences in
cannabis. The company’s brands include CAMP, The+Source, and 8 Fold. GGB is
expanding its cannabis operations throughout the U.S., via dispensaries in
Nevada, Massachusetts and Florida. For more information, visit the company’s
website at www.GreenGrowthBrands.com.
NOTE TO INVESTORS: The latest news and updates
relating to GGBXF are available in the company’s newsroom at http://ibn.fm/GGBXF
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