MJardin eyes restructuring amid fallout from Bridging Finance scandal

MJardin Group Inc. has retained a restructuring firm to advise a special committee of board members to review a potential sale of the Canadian cannabis producer’s assets after a court monitor was appointed to manage the affairs of Bridging Finance Inc., a major lender to the company.
 
Bridging Finance has been under the management of PricewaterhouseCoopers Inc. since May after the Ontario Securities Commission (OSC) alleged the Toronto-based private lender and its senior executives mismanaged funds and failed to disclose conflicts of interest. The firm has $155.8 million in outstanding loans with MJardin.
 
In a press release late Friday, MJardin said it retained Restructur Advisors, a British Columbia-based boutique firm, to provide the special committee with general restructuring advice. Blair Jordan, one of the special committee's members and an MJardin board member, is also the managing partner of Restructur Advisors, according to the firm's website.
 
MJardin said there is no defined timeline for the completion of its special committee’s strategic review, and there is no guarantee that the process will end with a specific transaction.

Read more at bnnbloomberg.ca.


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