MJardin’s Restructuring Proceedings
Goodmans LLP acts for KSV Restructuring Inc. (“KSV”) in respect of MJardin Group, Inc.’s (“MJardin”) ongoing restructuring proceedings.
In June 2022, after an extended period of financial challenges and overall difficult market conditions in the cannabis sector, PricewaterhouseCoopers Inc., as the court-appointed receiver and manager of Bridging Finance Inc. (MJardin’s senior secured lender) and certain related entities and investment funds (the “Bridging Receiver”), sought and obtained an Initial Order under the Companies’ Creditors Arrangement Act (“CCAA”) granting creditor protection to MJardin and certain of its subsidiaries. The Initial Order appointed KSV as monitor of MJardin and the other CCAA debtors (in such capacity, the “Monitor”), and also appointed Howards Capital Corp. (“HCC”) as the chief restructuring officer. In connection with the commencement of the CCAA proceedings, the Company obtained debtor-in-possession financing from the Bridging Receiver to provide financing required during the CCAA proceedings and the conduct of a sale process. The CCAA proceedings are ongoing.
The CCAA proceedings were preceded by an approximately two-month receivership proceeding, in which KSV, upon the application of the Bridging Receiver, was appointed by the court as receiver and manager of the property, assets and undertaking of MJardin (excluding certain excluded assets). The purpose of the receivership proceeding was to bring stability to the Company’s business and enable KSV, with the assistance of a cannabis industry consultant (HCC), to review and consider available options to monetize and maximize the value of the Company. Based on this review it was determined to commence the CCAA proceedings to pursue an operational restructuring of the Company.
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