Wednesday, June 3, 2020

MissionIRNewsBreaks – Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) Announces Update on Insolvency Proceedings Under the CCAA


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

About MissionIRNewsBreaks

MissionIRNewsBreaks provide a rapid summary of corporate news that catch the attention of MissionIR. MissionIRNewsBreaks are created by our Team of professional journalists that keep a constant eye on the markets, these posts are designed to inform you on the latest happenings of our clients and other publicly traded companies on our radar. From earnings, acquisitions and agreements to conference attendance and clinical study results, our news breaks keep you up-to-date with the day’s top movers. MissionIR is primarily focused on strategic communications. We have executed countless communications programs to address the needs of companies ranging from start-ups to established industry leaders, gaining valuable experience and the expertise necessary to determine the most effective strategy for any given situation.

MissionIR (MIR)
Atlanta, Georgia
www.MissionIR.com
404.941.8975 Office
Editor@MissionIR.com

Please see full terms of use and disclaimers on the Mission Investor Relations website applicable to all content provided by MIR, wherever published or re-published: http://www.missionir.com/disclaimer.html