Cannabis
Eve & Co files for CCAA Protection
Eve & Co Incorporated (“Eve & Co” or the “Company“) (TSXV: EVE) (OTCQX: EEVVF) announces today that the Company and its subsidiaries, Natural MedCo Ltd. (“NMC“) and Eve & Co International Holdings Ltd. (“Eve International” and together with Eve & Co and NMC, the “Eve Group“) have received the approval of their directors to make an application for an order for creditor protection (the “Initial Order“) from the Ontario Superior Court of Justice (Commercial List) (the “Court“) under the Companies’ Creditors Arrangement Act (the “CCAA“). The Company will be making its application to Court for the Initial Order on March 25, 2022.
After careful consideration of all available alternatives following thorough consultation with legal and financial advisors, the directors of the Eve Group determined that it is in the best interests of the Eve Group and all of its stakeholders to file an application for creditor protection under the CCAA.
The Initial Order being sought would include, among other things: (i) a stay of proceedings in favour of the Eve Group; (ii) approval of the DIP Loan (as described below); and (iii) the appointment of BDO Canada Limited as monitor of the Eve Group (in such capacity, the “Monitor“). The Eve Group is seeking creditor protection under the CCAA in order to receive a stay of proceedings that will allow the Eve Group to conduct a sale and investment solicitation process (“SISP“) and facilitate a transaction that sees the company emerge from CCAA protection as a going concern. The Company is confident that the protection afforded by the CCAA will be sufficient to allow the Eve Group to address its liquidity issues and stabilize operations.
If the Initial Order is granted, the Company intends to operate in the ordinary course throughout the CCAA proceedings and while conducting the SISP. Management of the Company would remain responsible for the day-to-day operations of the Company, under the general oversight of the Monitor. The Eve Group’s day-to-day obligations to employees and key suppliers of goods and services, from and after the filing date, will continue to be met.
In order to fund the CCAA proceedings, the SISP and other short term working capital requirements, the Eve Group has executed a term sheet with Deans Knight Capital Management Ltd., on behalf of its clients (the “DIP Lender“), pursuant to which the DIP Lender will advance a debtor-in-possession loan in the amount of $2,200,000 (the “DIP Loan“). The DIP Loan is conditional on, among other things, the issuance of the Initial Order.
In addition to the foregoing, the Company received the resignations of Ravi Sood and Jeanette VanderMarel as directors of Eve & Co on March 22, 2022 and March 23, 2022, respectively.
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