Another One Bites The Dust: SLANG Worldwide Files For Bankruptcy Due To Inability To Pay Debt
SLANG Worldwide Inc. (CSE:SLNG) (OTCQB:SLGWF) confirmed Tuesday it is entering receivership in Colorado and declared bankruptcy in Canada. The Toronto-based cannabis company finalized a wind-down plan for its assets and subsidiaries with its secured lenders. This decision follows the company’s expectation that it will not be able to repay amounts owed under its credit agreement, which matures on Nov. 15, 2024.
Under the wind-down plan, the company will pursue several steps. It plans to dispose of its Colorado assets through a receivership process involving its Colorado subsidiaries. In Canada, the company will file for bankruptcy under …