Canadian Edibles Producer Indiva Restructures Its Business, Obtains Creditor Protection
Cannabis edibles producer Indiva Limited (OTCPK:NDVAF) (TSXV:NDVA) is restructuring its business. Indiva Group (Indiva and its subsidiaries) has been granted an order from the Ontario Superior Court of Justice under the Companies Creditors Arrangement Act, to restructure its business and financial affairs.
The company said that it has incurred cumulative losses due to financial underperformance and creditors-related pressure.
After careful consideration of all available alternatives including undertaking a strategic review that was unsuccessful in identifying a suitable acquirer or raising sufficient capital to fund certain liabilities, the board of directors of each member of the Indiva Group determined that it was in the best interest of the Indiva Group and its stakeholders to seek creditor protection under the CCAA.
The initial order provides a stay of proceedings in favor of the Indiva Group, the approval of debtor-in-possession financing and the appointment of PricewaterhouseCoopers Inc. as monitor of the Indiva Group (Indiva and its subsidiaries). In addition, …