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MAV BEAUTY BRANDS ENTERS INTO ASSET PURCHASE AGREEMENT WITH NEXUS CAPITAL MANAGEMENT
MAV BEAUTY BRANDS ENTERS INTO ASSET PURCHASE AGREEMENT WITH NEXUS CAPITAL MANAGEMENT Ca...
About this update from Maverick Gold And Silver Corporation
[{"type":"text","content":"\n \n \n \n MAV BEAUTY BRANDS ENTERS INTO ASSET PURCHASE AGREEMENT WITH NEXUS CAPITAL MANAGEMENT\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Commences Voluntary Proceedings under CCAA in\n \n Canada\n \n \n \n \n \n Company to Continue Operating Normal Business Operations and Serving Customers As Usual\n \n \n \n \n \n Receives Commitment for\n \n US$3.9 Million\n \n in New DIP Financing\n \n \n \n \n \n VAUGHAN, ON\n \n ,\n \n \n Nov. 14, 2023\n \n \n /CNW/ - MAV Beauty Brands Inc. (\"MAV Beauty Brands\" or the \"Company\"), a global personal care company, announced that, in order to facilitate a financial and corporate restructuring through a going-concern sale of substantially all of the assets of the Company and its subsidiaries, it has commenced voluntary proceedings under the\n \n Companies' Creditors Arrangement Act\n \n (\n \n Canada\n \n ) (\"CCAA\") in the Ontario Superior Court of Justice (Commercial List) (the \"Court\").\n \n \n In connection with the CCAA proceedings, the Company has entered into an asset purchase agreement with an affiliate of Nexus Capital Management LP, a\n \n Los Angeles\n \n -based private equity firm (\"Nexus\"), pursuant to which, subject to court approval, Nexus has agreed to acquire substantially all of the assets of the Company and its subsidiaries (the \"Transaction\") for a purchase price significantly less than the current principal amount of the outstanding debt (\n \n US$121.7 million\n \n ). A sale approval hearing is currently expected to take place on\n \n November 24, 2023\n \n with the anticipated closing of the Transaction to occur by the end of 2023, subject to the satisfaction or waiver of customary closing conditions.\n \n \n \n Michael Cohen\n \n , Partner at Nexus, said, \"Nexus invests in leading companies and management teams across industries. With MAV Beauty Brands, we see strong long-term potential in the Company's iconic brands, high-quality products, and loyal consumer base.\"\n \n Kayla Dean Obia\n \n , Vice President at Nexus, added, \...