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Canopy Growth Announces that BioSteel Obtains Court Approval of Successful Bids in Sale and Investment Solicitation Process
Canopy Growth Announces that BioSteel Obtains Court Approval of Successful Bids in Sale and Inves...
About this update from Canopy Growth Corporation
[{"type":"text","content":"\n \n \n \n Canopy Growth Announces that BioSteel Obtains Court Approval of Successful Bids in Sale and Investment Solicitation Process\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Court approves combination of transactions resulting in the sale of all or substantially all of the assets of Biosteel Canada and Biosteel Manufacturing\n \n \n \n \n Elimination of funding obligation to BioSteel consistent with Canopy Growth's cannabis focus and transformation to a simplified, asset-light operating model.\n \n \n \n \n \n SMITHS FALLS, ON\n \n \n ,\n \n \n Nov. 17, 2023\n \n \n /CNW/ - Canopy Growth Corporation (\"Canopy Growth\" or the \"Company\") (TSX: WEED) (NASDAQ: CGC) today provided an update that pursuant to the proceedings under the\n \n Companies' Creditors Arrangement Act\n \n (the \"CCAA\") involving BioSteel Sports Nutrition Inc. (\"BioSteel Canada\"), the Ontario Superior Court of Justice (Commercial List) (\"CCAA Court\") has approved two transactions to sell all or substantially all of the assets of BioSteel Canada and BioSteel Manufacturing, LLC (\"BioSteel Manufacturing\") and that pending the closing of the transactions, Canopy Growth expects to realize proceeds which will improve the Company's balance sheet.\n \n \n \n \n \n \n \n \n \n On\n \n September 21, 2023\n \n , the CCAA Court granted an order (the \"SISP Order\") authorizing BioSteel Canada to conduct, under the oversight of KSV Restructuring Inc., in its capacity as court-appointed monitor of BioSteel Canada, a sale and investment solicitation process (the \"SISP\") in accordance with the terms and conditions relating thereto (the \"SISP Procedures\").\n \n \n Pursuant to the SISP, two transactions were identified as the Successful Bids (as defined in the SISP):\n \n \n a)    a sale of substantially all of the assets of BioSteel Canada (the \"BioSteel Canada Transaction\") as contemplated by an asset purchase agreement dated\n \n November 9, 2023\n \n (the \"BioS...