Good Natured Products Inc. Obtains CCAA Court Approval of Sale
The Supreme Court of British Columbia has approved the previously announced transaction where HUK 149 (Hilco), a UK-based turnaround investor, will acquire good natured Products Inc. and its subsidiaries. The transaction is expected to close around November 12, 2024, pending US Court approval. Current shareholders will not receive any payments or distributions, and will hold no interest in the company post-transaction. The company's shares will be suspended from NEX Board trading and delisted within 30 days. All current board directors, except Paul Antoniadis, will resign upon closing. The business operations are expected to continue as usual after the transaction completes.
La Corte Suprema della Columbia Britannica ha approvato la transazione precedentemente annunciata in cui HUK 149 (Hilco), un investitore britannico specializzato nel turnaround, acquisirà good natured Products Inc. e le sue filiali. Si prevede che la transazione venga conclusa intorno al 12 novembre 2024, in attesa dell'approvazione della Corte statunitense. Gli attuali azionisti non riceveranno alcun pagamento o distribuzione e non deterranno alcun interesse nella società dopo la transazione. Le azioni della società saranno sospese dalla negoziazione nel NEX Board e saranno escluse entro 30 giorni. Tutti i membri attuali del consiglio di amministrazione, ad eccezione di Paul Antoniadis, si dimetteranno al momento della chiusura. Le operazioni commerciali dovrebbero continuare come al solito dopo il completamento della transazione.
La Corte Suprema de Columbia Británica ha aprobado la transacción anunciada previamente en la que HUK 149 (Hilco), un inversor británico especializado en reestructuraciones, adquirirá good natured Products Inc. y sus filiales. Se espera que la transacción se cierre alrededor del 12 de noviembre de 2024, a la espera de la aprobación del Tribunal de EE.UU. Los actuales accionistas no recibirán ningún pago ni distribución, y no tendrán interés en la empresa tras la transacción. Las acciones de la empresa serán suspendidas de la negociación en la Junta NEX y serán eliminadas en un plazo de 30 días. Todos los actuales directores del consejo, excepto Paul Antoniadis, presentarán su dimisión al momento del cierre. Se espera que las operaciones comerciales continúen con normalidad tras la finalización de la transacción.
브리티시컬럼비아 대법원은 HUK 149 (Hilco)라는 영국 기반의 턴어라운드 투자자가 good natured Products Inc. 및 그 자회사를 인수하는 이전에 발표된 거래를 승인했습니다. 이 거래는 미국 법원의 승인을 기다리며 2024년 11월 12일경에 마감될 것으로 예상됩니다. 현재 주주들은 어떤 지급이나 배당도 받지 않으며, 거래 후 회사에 대한 어떠한 이익도 갖지 않게 됩니다. 회사의 주식은 NEX 보드 거래에서 일시 정지되며 30일 이내에 상장 폐지됩니다. Paul Antoniadis를 제외한 모든 현 이사회 이사들은 거래 마감 시 사임할 것입니다. 거래 완료 후, 사업 운영은 정상적으로 계속될 것으로 예상됩니다.
La Cour suprême de la Colombie-Britannique a approuvé la transaction précédemment annoncée dans laquelle HUK 149 (Hilco), un investisseur britannique spécialisé dans les redressements, acquerra good natured Products Inc. et ses filiales. La transaction devrait être finalisée aux alentours du 12 novembre 2024, sous réserve de l'approbation d'un tribunal américain. Les actionnaires actuels ne recevront aucun paiement ni distribution et ne détiendront aucun intérêt dans l'entreprise après la transaction. Les actions de l'entreprise seront suspendues de la négociation sur le NEX Board et radiées dans les 30 jours. Tous les administrateurs actuels, à l'exception de Paul Antoniadis, démissionneront lors de la clôture. Les opérations commerciales devraient se poursuivre normalement après la finalisation de la transaction.
Der Oberste Gerichtshof von British Columbia hat die zuvor angekündigte Transaktion genehmigt, bei der HUK 149 (Hilco), ein britischer Turnaround-Investor, good natured Products Inc. und deren Tochtergesellschaften erwerben wird. Die Transaktion soll voraussichtlich um den 12. November 2024 abgeschlossen werden, abhängig von der Genehmigung des US-Gerichts. Aktuelle Aktionäre werden keine Zahlungen oder Ausschüttungen erhalten und nach der Transaktion kein Interesse an dem Unternehmen halten. Die Aktien des Unternehmens werden vom Handel am NEX Board ausgesetzt und innerhalb von 30 Tagen delisted. Alle aktuellen Vorstandsmitglieder, außer Paul Antoniadis, werden bei Abschluss zurücktreten. Die Geschäftstätigkeit wird voraussichtlich nach Abschluss der Transaktion wie gewohnt fortgesetzt.
- Business operations expected to continue normally post-acquisition
- Secured acquisition by established turnaround investor Hilco Capital
- Existing shareholders will receive no compensation or distributions
- Stock to be delisted from TSX Venture Exchange within 30 days
- Trading of shares halted and suspended
- Most board members to resign upon transaction closing
Vancouver, British Columbia--(Newsfile Corp. - November 1, 2024) - good natured Products Inc. (TSXV: GDNP.H) (OTC Pink: GDNPF) (the "Company" or "good natured®"), a North American leader in eco-friendly food packaging, bio-based plastic extrusion and plant-based products, announced today that the Supreme Court of British Columbia (the "Court") has approved, pursuant to an approval and reverse vesting order granted under the Companies' Creditors Arrangement Act (the "CCAA"), the previously announced transaction (the "Transaction") whereby HUK 149 Limited, a private United Kingdom limited company ("Hilco"), an affiliate of UK based turnaround investor Hilco Capital, will acquire the Company and its subsidiaries (other than certain excluded assets and liabilities to be transferred directly or indirectly to a newly incorporated entity) pursuant to the terms of a subscription agreement entered into between the Company and Hilco (the "Agreement").
The Company will seek recognition of the Court approval in the Company's Chapter 15 proceedings in the United States Court on or about November 8, 2024. Subject to receipt of approval of the United States Court, among other closing conditions set out in the Agreement being satisfied or waived, the Transaction is anticipated to close on or about November 12, 2024. Upon the completion of the Transaction, the business and operations of the Company are expected to continue in ordinary course.
Based on the terms of the Agreement and the consideration to be received by the Company, holders of the Company's existing common shares will not receive any payments for, or distributions on, their common shares in connection with the CCAA proceedings, nor will they hold any interest in the Company following the completion of the Transaction.
Upon the closing of the Transaction, all current directors of the board of directors of the Company, other than Paul Antoniadis, will resign from their positions. Additionally, on or before the closing of the Transaction, the common shares of the Company are expected to be suspended from the NEX Board of the TSX Venture Exchange and delisted within 30 days. Trading in the common shares of the Company has been halted on the NEX Board of the TSX Venture Exchange and will remain halted as confirmed by the TSX Venture Exchange.
Additional information regarding the CCAA proceedings and all of the Court materials filed in the CCAA proceedings, may be found at the Monitor's website: https://www.alvarezandmarsal.com/goodnatured
The good natured® corporate profile can be found at: goodnaturedproducts.com/pages/investor
About good natured Products Inc.
good natured® is at the forefront of North America's shift toward sustainability, showcasing over 90 plant-based packaging designs and an extensive portfolio of more than 400 products and services. These offerings are purposefully designed to reduce environmental impact by using more renewable materials, less fossil fuel, and eliminating chemicals of concern.
Manufactured locally in the US and Canada, good natured® engineers and distributes a diverse range of bio-based products across various sectors, including grocery, restaurant, electronics, automotive, and pharmaceutical via both wholesale and direct channels.
The Company is dedicated to providing an industry-leading customer experience in order to encourage the transition to renewable alternatives. By making it easy and affordable for businesses to adopt bio-based products and packaging, good natured® aims to empower them to reach their sustainability objectives.
For more information: goodnaturedproducts.com
For further information regarding the CCAA proceedings, please contact Alvarez & Marsal Canada Inc., the Court-appointed Monitor of the Company and its subsidiaries by fax at 604-638-7441, or by email at goodnatured@alvarezandmarsal.com. Its website address is https://www.alvarezandmarsal.com/goodnatured.
Neither the NEX Board of the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the NEX Board of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "budget," "believe," "project," "estimate," "expect," "scheduled," "forecast," "strategy," "future," "likely," "may," "to be," "could,", "would," "should," "will" and similar references to future periods or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Specific forward-looking statements in this press release may include, but are not limited to, statements with respect to the CCAA proceedings, the approval of the United States Court and timing thereof, the closing of the Transaction and timing thereof, the continued operations and business of the Company in ordinary course and delisting of the common shares from the NEX Board of the TSX Venture Exchange.
By their nature, forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances and other factors that are difficult to predict and many of which are outside of the Company's control which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Forward-looking information contained in this news release is based on our current estimates, expectations and projections regarding, among other things, the approval by the United States Court, satisfaction of the conditions precedent to the completion of the Transaction, the anticipated results of the Transaction, the ability of the Company to operate and conduct its business in ordinary course, future plans and strategies, projections, future market and operating conditions, supply conditions, end customer demand conditions, anticipated events and trends, general market conditions, the economy, financial conditions, sales volume and pricing, expenses and costs, all necessary court orders and approvals are obtained to permit the Company to implement its restructuring plans, and other future conditions which we believe are reasonable as of the current date. Important factors that could cause actual results and financial conditions to differ materially from those indicated in the forward-looking statements include, but are not limited to: the approval by the United States Court, completion of the Transaction, risks relating to general economic, market and business conditions and unforeseen delays in the realization of the Company's plans, risks related to the loss of key manufacturing equipment, capability or facilities, the performance of plant-based materials and the ability of the Company's products and packaging to meet significant technical requirements, changes in raw material supply and costs, labour availability and labour costs, fluctuations in operating results, and other related risks as more fully set out in the Annual Information Form dated April 29, 2024 of the Company and other documents disclosed under the Company's filings at www.sedarplus.com. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
The Company considers its assumptions to be reasonable based on currently available information, but cautions the reader that its assumptions regarding future events, many of which are beyond the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its businesses. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Other than as required under securities laws, the Company does not undertake to update this information at any particular time.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228633
FAQ
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