TREE - Toronto Cannabis Co. Trees Seeks Creditor Protection Here's What You Need To Know | Benzinga
Trees Corporation (CBOE: TREE) recently received an order for creditor protection from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (CCAA).
The company's subsidiaries that fall under this protection are Ontario Cannabis Holdings Corp., Miraculo Inc., 2707461 Ontario Ltd., OCH Ontario Consulting Corp., and 11819496 Canada Inc.
The Toronto-based company said the Trees Group has been actively pursuing additional financing to raise capital to fund its operations and engaged a financial advisor to assist the Trees Group with reviewing strategic options, including financing options.
The company said the directors of the Trees Group determined that it was in the company's best interest to file an application for creditor protection under the CCAA.
The initial order includes:
- A stay of proceedings in favor of the Trees Group; and
- The appointment of Ernst & Young Inc. as the monitor of ...