The Applicants, a group of cannabis companies, sought various relief in their CCAA proceedings, including amending a prior order, increasing debtor-in-possession (DIP) financing, extending a stay of proceedings, approving professional fees, and approving a Sale and Investor Solicitation Process (SISP) with a stalking horse bid.
Certain creditors, CJ Marketing Ltd. and Arthur Minh Tri Nguyen-Cao, opposed the commitment fee for the DIP financing and the break fee for the stalking horse bid.
The court approved all requested relief, finding the DIP facility terms fair and reasonable given the challenging cannabis sector and the necessity of funding.
The SISP and its associated break fee were also approved, with the court noting the fee was a reasonable reimbursement of costs and did not appear to have a chilling effect on other potential bidders.
