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Sunniva Announces Amended And Restated Initial Order Under A Court-Supervised Restructuring Proceeding And Engagement Of Financial Advisor
Sunniva Announces Amended And Restated Initial Order Under A Court-Supervised Restructuring Proceeding And Engagement Of Financial Advisor.
About this update from Sunniva Inc
[{"type":"text","content":"\n\n\n\nSunniva Announces Amended And Restated Initial Order Under A Court-Supervised Restructuring Proceeding And Engagement Of Financial Advisor\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n\n\n\n\n\n\nSunniva Announces Amended And Restated Initial Order Under A Court-Supervised Restructuring Proceeding And Engagement Of Financial Advisor\nPR Newswire\nVANCOUVER, BC, Oct. 20, 2020\n\n\n\nVANCOUVER, BC, Oct. 20, 2020 /PRNewswire/ -- Sunniva Inc. (\"Sunniva\", the \"Company\") (CSE:SNN) (OTC Pink Sheets:SNNVF), announces it has obtained an amended and restated initial order (the \"Amended and Restated Initial Order\") under the Companies Creditors Arrangement Act (Canada) (the \"CCAA\") and an order implementing a claim process (the \"Claims Process\") to identify and determine all claims against Sunniva and its wholly owned subsidiaries, Sunniva Medical Inc., 1167025 B.C. Ltd. and 11111035 Canada Inc. (collectively with Sunniva, the \"Sunniva Group\").  As previously reported, Alvarez & Marsal Canada Inc. has been appointed as monitor in the CCAA proceedings.  \n\n \n \n \n \n \n \n\n \nThe Amended and Restated Initial Order authorizes an extension to the initial stay period to and including November 27, 2020 (the \"First Stay Extension\"). The First Stay Extension is intended to allow the Sunniva Group to continue to operate as it implements the Claim Process, while pursuing restructuring options. \nThe Company will continue to consider strategic alternatives in order to maximize value for its stakeholders. CP Logistics, LLC, a wholly-owned US based subsidiary of the Company, has engaged Deer Pond Capital, Ltd. (\"Deer Pond\") as financial advisor to assist in this process.  The Court has approved the Company to pay certain consulting fees to Deer Pond on behalf of CP L...