Press Release: CannTrust Announces Court Approval of Plan of Compromise, Arrangement and Reorganization

CANNANNEW REPORT

CannTrust Holdings Inc. has announced that its Fourth Amended & Restated Plan of Compromise, Arrangement and Reorganization dated July 7, 2021 (the “CCAA Plan”) was sanctioned by the Ontario Superior Court of Justice (the “Court”) in connection with the Company’s restructuring proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”). The Following Docs Are Available At. https://documentcentre.ey.com/#/detail-engmt?eid=370 Monitor’s Certificates Creditors’ Meeting Claims Process Court Orders List of creditors Monitor’s Reports Motion Materials Notice to Creditors Notices from CannTrust Plan Of Arrangement And Related Documents Sales Process Service List Implementation of the CCAA Plan remains subject to a number of conditions, including the U.S. Approval Order being entered in the U.S. Class Action and the expiration of applicable appeal periods. CannTrust expects the conditions to be satisfied and implementation of the plan to occur in three to five months, or in the fourth quarter of 2021. “Having the CCAA Plan sanctioned is another significant milestone in our CCAA journey and we are pleased to have made progress towards plan implementation.” said Greg Guyatt, Chief Executive Officer at CannTrust. “While we are eager to complete the plan implementation, our operational focus continues to be on surprising and delighting our consumers with quality products for those who want and need them.” As previously disclosed, CannTrust anticipates announcing the engagement of a replacement independent auditor during the third quarter of 2021 and has initiated discussions with the Ontario Securities Commission (the “OSC”) about proposing a plan and timetable for curing the Company’s historical disclosure defaults. Following the engagement of a replacement auditor, the Company anticipates submitting an application to the OSC for a discretionary order revoking the OSC’s cease-trade order dated April 13, 2020 and seeking a new listing for CannTrust’s common shares on a Canadian stock exchange. Although those discussions remain at a preliminary stage, CannTrust…

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Source : Press Release: CannTrust Announces Court Approval of Plan of Compromise, Arrangement and Reorganization

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