CannTrust Holdings Inc. will be seeking court approval of the Division I Proposal made by the company pursuant to the Bankruptcy and Insolvency Act (Canada). The hearing is scheduled for 11:00 a.m. on November 28, 2022 or as soon after that time as the motion can be heard.
The original proposal was amended and restated on November 3, 2022 to clarify the share distribution mechanics, clarify that CTH may transfer the proceeds of a potential HST refund to Phoena Holdings Inc. (if such refund is received), as opposed to transferring the right to claim the refund itself and allow greater flexibility in respect of the timing of the dissolution of CTH with respect to resolution of tax planning matters.
The amended and restated proposal was unanimously approved at the meeting of creditors held on November 4, 2022.
CTH is proposing to make further clarifying amendments to the proposal In accordance with section 7.2 of the proposal, which allows amendments after the meeting of creditors with the consent of the proposal trustee and approval of the Ontario Superior Court of Justice. Among other things, the amendments would add further details of the basis upon which CTH's shares in Phoena will be distributed to CannTrust shareholders. The actual mechanics of the distribution of the Phoena shares will be set out and governed by …