RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:New Press Release - Heritage Cannabis Obtains Creditor Protection to Pursue Restructuring and Sales ProcessAs I thought, the wonderful Canadian government is making it very difficult for the company to succeed. Anyone who has every had to pay your tax to the government in installments knows how difficiult the government makes it to pay them back. They really do add on penalties that make it extremely dificult to pay.
135. "Payments under the Excise Tax Arrears Payment Arrangements are contributing to the substantial pressure on the Applicants’ cash flows. At this time, the Applicants do not generate sufficient revenue to repay the Excise Tax Arrears in full." So it looks like Heritage is focused on the SISP.
144. The Applicants are of the view that a court supervised SISP under the CCAA will be the best value maximizing strategy in the circumstances and is in the best interests of Heritage Group and its stakeholders.
184. The Applicants intend to seek an extension of the Stay of Proceedings for a sufficient length of time to allow the Applicants to complete the SISP without having to incur additional costs during that process to return to Court to seek a further extension of the stay of proceedings.
188. At the Comeback Hearing, the Applicants will likely seek the approval of the SISP and the Stalking Horse Purchase Agreement, which will give certainty to employees, customers, regulators, suppliers and stakeholders that the Heritage Group will continue as a going concern when the SISP concludes. The terms of the SISP will be detailed in a separate report of the Proposed Monitor, or alternately within a supplemental affidavit, to be sworn.