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CAN (ON): James E. Wagner Cultivation to seek protection under Companies' Creditor Arrangement act

James E. Wagner Cultivation Corporation has agreed with Trichome Financial to a consensual restructuring wherein JWC will seek an Initial Order approving an application for creditor protection under the Companies' Creditors Arrangement Act ("CCAA"). "The Restructuring was negotiated and recommended by the Special Committee of the Board of JWC and approved by the Board on March 31, 2020," the team with the company explains. "It is expected that the Initial Order granting JWC's application for CCAA will be granted today by the Ontario Superior Court of Justice."

"Pursuant to the Restructuring, Trichome Financial and JWC have agreed to (i) a Debtor-in-Possession Loan ("DIP Loan") in which Trichome Financial will provide up to $4 million in interim financing over the term of the Restructuring; (ii) an offer by Trichome Financial to purchase the assets of JWC pursuant to an Asset Purchase Agreement that contemplates that Trichome Financial will be the "stalking-horse" in the Sales and Investor Solicitation Process ("SISP"); and (iii) the appointment of KSV Kofman Inc., as monitor in the CCAA proceedings." 

"The SISP to be conducted in conjunction with the CCAA proceedings is intended to generate interest in the business and/or the assets of the Corporation, with the goal of maximizing value for all stakeholders of the Corporation."

During the CCAA proceedings, as a result of the DIP Loan, it is expected that day-to-day obligations to employees, key suppliers of goods and services and JWC's customers payable, from and after the filing date, will continue to be met. While under CCAA protection, management of the Company will remain responsible for the day-to-day operations of the Company under the general oversight of the Monitor.

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