July 26, 2022
MPX International Corporation (“MPXI”) and various subsidiaries, 23 entities registered in Canada, Lesotho, South Africa, Switzerland, Malta, Thailand, Australia and the United Kingdom, were granted CCAA protection on July 25. The companies’ principal business is cannabis production, resale, management consulting for cannabis companies and cannabis education. The companies have struggled with cash flow, and since March 31, 2022, their cash position has deteriorated significantly, with cash on hand at the time of the filing being approximately $170,000. MPXI has struggled to meet its liabilities to its debenture holders, having failed to make interest payments on March 31, 2021, September 30, 2021, December 31, 2021, and March 31, 2022. KSV was appointed monitor. Counsel is Bennett Jones for the companies, Aird & Berlis for the monitor, and Dentons for the DIP lenders/certain debenture holders.
By Dina Milivojevic