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CannTrust Holdings (CTST) is seeking court approval for a Division I Proposal under the Bankruptcy and Insolvency Act, with a hearing set for November 28, 2022. This proposal includes amendments related to share distribution mechanics and tax planning. Shareholders with at least 10,000 common shares will receive one common share of Phoena for each of their shares in CannTrust. The company aims to limit distribution costs and ensure compliance with Canadian investment regulations. CannTrust's shares are currently not listed on any stock exchange due to a cease-trade order.
CannTrust Holdings Inc. (CTH) announced a Division I Proposal under the Bankruptcy and Insolvency Act (BIA) in Canada. This decision, made on October 19, 2022, is aimed at restructuring its liabilities and resolving financial issues. Phoena Holdings Inc., in which CTH holds a 10% equity interest, is funding this proposal. CTH plans to distribute its shares in Phoena to shareholders holding at least 10,000 CTH shares. The restructuring is not expected to impact Phoena's operations, and CTH has indicated a timeline for completing these processes by November 30, 2022.
CannTrust Holdings announced that the Ontario Superior Court has extended the deadline for the company to call its next annual shareholder meeting until November 30, 2022. CannTrust, which holds a 10% equity interest in Phoena Holdings, is currently under a cease-trade order and is not listed on any stock exchange due to previous compliance issues. The company continues to face risks related to its investment in Phoena, including potential dilution and credit defaults. Further details are available on CannTrust's investor relations page.
CannTrust Holdings is seeking an extension from the Ontario Superior Court to delay its annual meeting of shareholders, originally due by July 13, 2022, until November 30, 2022, to finalize audited financial statements. The company also aims to explore strategic alternatives, including potential revocation of its current Cease Trade Order (CTO) and a possible stock exchange listing for its shares or those of Phoena Holdings. The hearing is set for July 7, 2022. CannTrust remains under cash constraints and its shares are not listed on any exchange due to its CTO.
CannTrust Holdings announced new investment partners led by Marshall Fields International, facilitating a $5.5 million debtor-in-possession loan and a $11.2 million private placement, which will give investors approximately 90% equity in CannTrust Equity. The Ontario Court approved a transaction under the Companies Creditors' Arrangement Act, enabling CannTrust to exit its CCAA proceedings. Future plans include revoking a Cease Trade Order and launching a rights offering for current shareholders. CannTrust aims to restore its operations and become a leader in the cannabis market.
CannTrust Holdings announced the Ontario Superior Court's sanction of its Fourth Amended & Restated CCAA Plan on July 7, 2021. The plan's implementation is subject to conditions, expected within three to five months. CEO Greg Guyatt emphasized progress despite challenges, including ongoing talks with the Ontario Securities Commission regarding past disclosure defaults and plans for a new auditor. CannTrust has relaunched cannabis brands and expanded its product line while navigating the regulatory landscape post-CCAA.
CannTrust Holdings announced that three former directors, including former CEO Peter Aceto, have been charged by the Ontario Securities Commission for allegedly concealing illegal cannabis cultivation in 2018-2019 and for insider trading. No charges are laid against CannTrust or current officials. The company has since strengthened its governance and compliance, restored operating licenses in August 2020, and is working toward resolving civil litigation and a cease-trade order. Discussions with the OSC on addressing historical disclosure defaults are ongoing, but success is uncertain.
CannTrust Holdings has received approval from the Ontario Superior Court of Justice for a C$22.5 million debtor-in-possession (DIP) and CCAA Exit Credit Facility. This facility, arranged by Cortland Credit Lending Corporation, will allow CannTrust to manage its working capital and support operational restoration. The facility is secured by a first-ranking interest over all assets and has a term of 12 months. CannTrust remains under CCAA protection to address civil litigation and enhance strategic alternatives, aiming to regain its position in the cannabis market.
CannTrust Holdings announced on April 30, 2021, that KPMG LLP will not complete the audits of its restated financial statements for 2018 and 2019, nor will KPMG stand for reappointment as the auditor for 2020. KPMG has not audited any financial statements since March 31, 2019. CannTrust is currently in advanced discussions for a successor auditor and remains under CCAA protection while addressing civil litigation claims and exploring strategic alternatives. The company continues to focus on reinstating its cannabis licenses and restoring operations in the Canadian market.
CannTrust Holdings has announced a commitment for a C$22.5 million Credit Facility from Cortland Credit Lending Corporation, subject to approval from the Ontario Superior Court of Justice on April 30, 2021. This 12-month revolver aims to fund working capital and support operational restoration amidst ongoing civil litigation and CCAA proceedings. The Credit Facility will be secured by first-ranking interests over CannTrust's assets. The company is focused on regaining stakeholder trust while navigating its strategic options and restoring business operations in the cannabis sector.
