Fire & Flower Files For CCAA Protection, Secures $7.3M Via Debtor-In-Possession Loan
Fire & Flower Files For CCAA Protection, Secures $7.3M Via Debtor-In-Possession Loan
Fire & Flower Holdings Corp. (OTCQX:FFLWF) (TSX:FAF) announced that the company and its subsidiaries, (collectively, the "Fire & Flower Group"), have received an order for creditor protection from the Ontario Superior Court of Justice (Commercial List) under the Companies' Creditors Arrangement Act (the "CCAA").
火花控股公司。(多倫多證券交易所股票代碼：FFLWF)(多倫多證券交易所股票代碼：FAF)宣佈，公司及其子公司(統稱為火花集團)收到債權人保護令從安大略省高等法院(商業名單)根據《公司債權人安排法》(“CCAA”)。
The company engaged a financial advisor on May 26, 2023, to assist the company with reviewing strategic options, including financing options. Following such review and after careful consideration of all available alternatives, and consultation with legal and financial advisors, the directors of the company determined that it was is in the best interests of the company to file an application for creditor protection under the CCAA.
該公司於2023年5月26日聘請了一名財務顧問，以幫助公司審查戰略選擇，包括融資選擇。經檢討及仔細考慮所有可供選擇的方案及徵詢法律及財務顧問的意見後，該公司的董事認為，根據該協定提出債權人保障申請符合該公司的最佳利益。
The initial order includes, among other things: a stay of proceedings in favor of the Fire & Flower Group; approval of the DIP Loan (as described below); and the appointment of FTI Consulting Canada Inc. as monitor of the Fire & Flower Group.
除其他事項外，最初的命令包括：暫停有利於火花集團的訴訟程式；批准DIP貸款(如下所述)；以及任命FTI諮詢加拿大公司。 作為班長火與花組合的成員。
The board of directors of the company will remain in place and management will remain responsible for the day-to-day operations of the company, under the general oversight of the monitor.
公司董事會將繼續留任，管理層將繼續在監督員的全面監督下負責公司的日常運營。
In order to fund the CCAA proceedings and other short-term working capital requirements, the Fire & Flower Group has executed a facility agreement with 2707031 Ontario Inc. (the "DIP lender"), an affiliate of Alimentation Couche-Tard Inc., (OTCPK:ANCTF) pursuant to which the DIP Lender has agreed to advance a debtor-in-possession loan in the amount of CA$9.8 million ($7.3 million) (the "DIP loan"). The continued availability of the DIP loan is conditional on, among other things, certain conditions being satisfied, including the initial order remaining in effect.
為了資助CCAA程式和其他短期營運資金需求，Fire&Flower Group與2707031安大略省公司(“DIP貸款人”))，其附屬公司食品保健品公司(OTCPK：ANCTF)，根據該協定，DIP貸款人已同意提前債務人佔有貸款，金額為CA$9.800萬(730萬美元)(“DIP貸款”)。DIP貸款的持續可獲得性取決於滿足某些條件，包括初始訂單保持有效。
It is anticipated that the Toronto Stock Exchange will place the company under delisting review and there can be no assurance as to the outcome of such review or the continued qualification for listing on the TSX. Each of Alimentation Couche-Tard and the DIP lender is a "related party" of the company and, accordingly, the DIP loan constitutes a "related party transaction" of the company under Multilateral Instrument 61-101 - Protection of minority security holders in special transactions.
預計多倫多證券交易所將對該公司進行退市審查，不能保證審查的結果或繼續獲得在多倫多證券交易所上市的資格。Alimentation Couche-Tard和DIP貸款人都是公司的“關聯方”，因此，根據多邊文書61-101--特別交易中保護少數證券持有人的規定，DIP貸款構成了公司的“關聯方交易”。
Photo: Benzinga edit with photos by Matthias Zomer on Pexels, squarefrog on Pixabay
圖片：Benzinga編輯，照片由Matthias Zmer在Pexels上，SquareFrog在Pixabay上
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