Humble & Fume and its subsidiaries, Humble & Fume Inc. (Manitoba), P.W.F. Holdco, Inc., Windship Trading LLC, B.O.B. Headquarters Inc., Fume Labs Inc., and Humble Cannabis Solutions Inc. have initiated proceedings in the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (the "CCAA").
The Humble Group's application under the CCAA was heard earlier today. Following the hearing, the Court granted an order, which, among other forms of relief: (i) granted a stay of proceedings in favor of the Humble Group up to and including January 15, 2024, and (ii) appointed Deloitte Restructuring Inc. as Court-appointed monitor of the Humble Group (in such capacity, the "Monitor").
After extensive consultation with legal and financial advisors and thorough consideration of all available alternatives, the directors of the Humble Group determined that it was in the best interests of the Humble Group to seek creditor protection under the CCAA.
The Humble Group is scheduled to return to Court for a hearing on January 12, 2024, to seek, among other relief, the approval of a sale and investment solicitation process to facilitate a transaction that sees the Humble Group emerge from the CCAA Proceedings as a going concern. The Company believes that the protection afforded by the CCAA will allow the Humble Group to address its liquidity issues and stabilize operations.
For more information:
Humble & Fume
77 King Street West, TD North Tower Suite 700
Toronto, ON, M5K 1G8
Tel.: 1 (877) 438-4367
humbleandfume.com