good natured Products Inc. (TSXV: GDNP) et al., a Vancouver, British Columbia-based group of companies in the business of producing and distributing everyday products made from renewable, plant-based materials, obtained CCAA protection on June 28.

The companies have 79 employees in Canada and 64 in the US. They have faced financial pressures due to various factors stemming from the COVID-19 pandemic, including external supply chain disruptions and inflationary cost increases, increased debt levels and costs resulting from strategic acquisitions, a rapid increase in interest rates, and decreased sales, among other factors.

Despite implementing a range of cost cutting measures and engaging an investment bank to conduct a strategic review process, the companies have been unable to service their debts, with approximately $6.5 million in overdue principal and interest owing to creditors.

The purpose of the CCAA proceedings is to conduct a SISP with a view to preserving the company as a going concern.

A&M is the monitor.

Counsel is Osler for the company and McCarthy Tétrault for the monitor.