The multistate cannabis brand DionyMed Brands Inc DYMEF said Tuesday it failed to restructure its debt or find a strategic buyer to acquire its assets.
What Happened
DionyMed said Oct. 23 that it would work with lenders on reaching a restructuring solution for its business to continue operating.
On Tuesday, the company said its actions failed to generate any positive results.
The company is in default of $24.81 million plus any additional interest, fees and expenses.
GLAS America, a collateral agent under the company's January credit agreement, served DionyMed with a petition to the Supreme Court of British Columbia to seek the appointment of a receiver over all of the company's properties and assets.
Why It's Important
GLAS already advised the company it will proceed with a receivership application, and the company has no intention of opposing the appointment of a receiver, DionyMed said.
DionyMed's four directors said they will resign upon the appointment of a receiver.
What's Next
The Receivership Petition is scheduled to be heard Oct. 29 in Vancouver.
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