Page last updated: May 27, 2020
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
On April 29, 2020, the Court granted an Order (the “Claims Process Order”) which authorized and directed the Petitioners and the Monitor to initiate a process for the solicitation and determination of claims against the Petitioners (the “Claims Process”).
Copies of the Claims Process documents are available under the “Claims Process” tab above.
A mailing to all creditors will be underway by May 8, 2020. If available to the Monitor, the claims package will be emailed to the contact email on record. Should no email address be available, the claims package will be mailed via Canada Post to the address on record. Additionally, a copy of a blank Proof of Claim form, and the Instruction Letter, are posted to this website under the Claims Process tab above.
Once a creditor receives their claims package, there may be a Claim Amount Notice included in the materials. If you agree with the nature and amount of the Claim as set out in such Claim Amount Notice, you do not need to file a Proof of Claim.
If a Claim Amount Notice was not included in your claims package, or you have received a Claim Amount Notice and you dispute the nature or amount of the Claim as set out in such Claim Amount Notice, you are required to file a Proof of Claim. Proofs of Claim must be completed and submitted to the Monitor by 5:00 pm Vancouver time on Tuesday, May 26.
The Invictus Group is making an application to the Court on April 29, 2020. The application seeks approval of certain agreements with 1996843 Alberta Ltd., c.o.b. Stigma Grow ("Stigma"), and approval of a claims process. A brief update is provided below.
Since the last update, the Invictus Group has continued to work on its restructuring mandate. With the assistance of the Monitor, the Invictus Group prepared a Revised Agreed Budget and entered into the First Amending Agreement with the Interim Lender. The Invictus Group continues to operate in the ordinary course during the CCAA proceedings, which includes engaging in extensive negotiations with various customers and licensed producers in order to monetize its current and projected inventory. This includes two agreements with Stigma which are subject to court approval.
The Invictus Group has continued its restructuring efforts with a view towards its goal of developing a Plan of Compromise and Arrangement (a "Plan"). As a result, the Invictus Group, in conjunction with the Monitor, and respective counsel, have developed a claims process and are seeking approval on the claims process from the Court.
Another update will be posted on this website after the court hearing, with the results of the hearing.
As noted in the February 24, 2020 update the stay of proceeding was extended to May 29, 2020. We are preparing this brief update for stakeholders and other interested parties.
Since February 24, 2020 the Invictus Group has finalized its interim financing agreement, securing $3,000,000 of funding to pay amounts pursuant to the Amended and Restated Initial Order as contemplated in the Company’s Cash Flow Statement filed in these proceedings.
On March 27, 2020 the Invictus Group received their renewed license under the Cannabis Act and Cannabis Regulations from Health Canada.
The Invictus Group continues to operate in the ordinary course during the CCAA proceedings.
The Chief Restructuring Officer, Pam Boparai on behalf of the Company, with the assistance of the Monitor commenced the SISP on March 19, 2020. The SISP was advertised in the Globe and Mail on March 24, 2020 and the Company issued a press release on the same day.
The deadline to submit non-binding expressions of interest to the CRO and the Monitor is 5:00 PM (Pacific Time) on April 24, 2020.
More information on the SISP can be found under the SISP tab above.
On February 24, 2020, the Court granted an Amended and Restated Initial Order and Sealing Order, which among other things,
A Court hearing is scheduled for Monday, February 24, 2020. At the hearing, the Invictus Group will be seeking Court approval on the following matters:
Application materials pertaining to these matters can be found under the Motion Materials tab.
The Monitor has posted its First Report to Court (found under the Monitor’s Reports tab), which speaks to the approvals that the Invictus Group is seeking from the Court. A summary of the hearing and any orders made by the Court will be posted to this website shortly after the hearing.
On February, 13, 2020, Invictus MD Strategies Corp., Greener Pastures MD Ltd., Acreage Pharms Ltd. and 2015059 Alberta Ltd. (collectively the "Invictus Group“) sought and obtained an Initial Order of the Supreme Court of British Columbia pursuant to the Companies’ Creditors Arrangement Act ("CCAA"). PricewaterhouseCoopers Inc. LIT was appointed as Monitor for the CCAA Proceedings.
As a result of the CCAA filing, all creditors are stayed from commencing or continuing any proceedings against the Invictus until February 24, 2020, subject to any extensions that the Court may grant upon further application by the Invictus Group.
Notice of the CCAA filing and the Monitor’s appointment will be emailed or mailed to all affected creditors by February 21, 2020.
The initial application materials have been posted under the Motion Materials tab. The entered Court Order will be posted under the Court Orders tab once it is available.
The Monitor will post regular status updates to this website and post future Monitor reports and court materials, as they become available during the CCAA proceedings.
More information will be posted to this website, as soon as it becomes available.
For more information, please contact: Kiran Chahal, Telephone: +1 604 806 7787, Fax: +1 604 806 7806, or via Email.
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