CannTrust Holdings Inc. announced the issuance of a CCAA Representation Order by the Ontario Superior Court of Justice subject to proceedings under Canada’s Companies’ Creditors Arrangement Act (“CCAA”). Today’s order appoints certain representatives to represent the interests of certain Securities Claimants and appoints counsel for them, subject to some limited exceptions. The Court also granted an extension to the stay of proceedings, until April 30, 2021.
Please see below for full notice.
IN THE MATTER OF THE COMPANIES’ CREDITORS
ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED
AND IN THE MATTER OF A PLAN OF COMPROMISE OR ARRANGEMENT OF CANNTRUST HOLDINGS INC., CANNTRUST INC., CTI HOLDINGS (OSOYOOS) INC. AND ELMCLIFFE INVESTMENTS INC. (the “Applicants”)
NOTICE OF CCAA REPRESENTATION ORDER
On March 31, 2020, the Applicants commenced proceedings (the “CCAA Proceedings”) under the Companies’ Creditors Arrangement Act (“CCAA”) pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (the “Court”). Ernst & Young Inc. has been appointed as the monitor of the Applicants (the “Monitor”) by the Court.
On January 29, 2021, the Court issued an order (the “CCAA Representation Order”) appointing certain representatives and representative counsel, as detailed further below. All capitalized terms used but not defined in this Notice have the meaning given to them in the CCAA Representation Order.
TAKE NOTICE THAT, pursuant to the CCAA Representation Order, subject to certain limited exceptions set out therein:
- the CCAA Canadian Representatives have been appointed to represent the interests of all Canadian and Non-U.S. Securities Claimants in the CCAA Proceedings in relation to their Securities Claims and any related claims;
- the CCAA U.S. Representatives have been appointed to represent the interests of the U.S. Securities Claimants in the CCAA Proceedings in relation to their Securities Claims and any related claims;
- A. Dimitri Lascaris Law Professional Corporation, Henein Hutchinson LLP, Kalloghlian Myers LLP and Strosberg Sasso Sutts LLP (“CCAA Canadian Representative Counsel”) have been appointed as counsel for the Canadian and Non-U.S. Securities Claimants in the CCAA Proceedings in relation to their Securities Claims and any related claims, and are authorized and directed to take instructions from the CCAA Canadian Representatives;
- Weisz Fell Kour LLP in association with Labaton Sucharow LLP (“CCAA U.S. Representative Counsel” and collectively with CCAA Canadian Representative Counsel, “CCAA Representative Counsel”) have been appointed as counsel for the U.S. Securities Claimants in the CCAA Proceedings in relation to their Securities Claims and any related claims, and are authorized and directed to take instructions from the CCAA U.S. Representatives; and
- the CCAA Representatives and CCAA Representative Counsel are authorized to, among other things, negotiate with respect to the settlement of Securities Claims and the prosecution or settlement of any related claims and the development of the CCAA Plan and any related definitive documentation.
Copies of the CCAA Representation Order and other documents related to the CCAA Proceedings may be obtained from the case website maintained by the Monitor at http://www.ey.com/ca/canntrust.
