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Canada’s Aleafia Health starts restructuring process, pursues sale
Chicago, July 25 – Aleafia Health Inc. was granted an order under the Companies’ Creditors Arrangement Act in Ontario for creditor protection while the company pursues restructuring and a sale process, according to a press release.
The restructuring was precipitated by a default of certain covenants under a senior secured loan agreement with Red White & Bloom Brands Inc.
The initial order approves debtor-in-possession financing.
Red White & Bloom advanced C$6.6 million as DIP financing.
Proceeds will be used to fund operations of Aleafia in the ordinary course for the duration of the restructuring proceedings.
KSV Restructuring Inc. was appointed as a monitor for the Aleafia Group (https://www.ksvadvisory.com/ insolvency-cases/case/aleafia).
The company intends to launch a sale and investment solicitation process for its business and assets.
Aleafia Health is a Toronto-based cannabis health and wellness company.
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