Humble & Fume seeks creditor protection under CCAA
[ad_1]
TORONTO – Humble & Fume Corporation (CSE: HMBL) (OTC Pink: HUMBF), a North American distributor of cannabis and cannabis accessories, has commenced creditor protection proceedings under the Companies Arrangements Act (CCAA).
The Ontario Superior Court of Justice granted the company a stay of proceedings until January 15, 2024, and appointed Deloitte Restructuring Inc. to handle the proceedings. Serves as a court-appointed supervisor.
The company’s board of directors, with the advice of legal and financial experts, reached the decision to seek protection and believed it was in the best interests of all stakeholders. The CCAA protections are intended to address liquidity and operational stability issues at Humble Group, which includes certain subsidiaries such as Windship Trading LLC and Fume Labs Inc.
The company is expected to return to court on January 12, 2024, to seek approval of the issuance and investment process. This process is designed to facilitate a transaction that will enable Humble Group to continue to operate as a going concern following the conclusion of the proceedings.
Currently, Modest & Fume believes it has sufficient liquidity to manage the CCAA process without requiring additional financing.
This article was created and translated with the help of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.