GreenSpace Brands Inc., CCAA

GreenSpace Brands Inc., a publicly-listed Canadian company, and certain of its subsidiaries, which together develop, market and sell plant-based natural foods in Canada and the US, obtained CCAA protection on April 6. Over the past several years, the companies have struggled to generate sufficient cash flow to achieve profitability. Their performance has also been impacted by supply chain issues during the COVID-19 pandemic, an inability to meet customer demand and legacy capital structure burden, including the public listing and associated expenses. As part of the CCAA proceedings, Pivot Financial I Limited Partnership, the senior secured creditor, has agreed to provide a DIP loan and act as stalking horse bidder. PwC was appointed Monitor. Goodmans is counsel for the companies.