Chalice Brands Ltd. C.CHAL

BANKRUPTCY & RECEIVERSHIP FILED BY CHALICE> THE END

[Here4thekeks]

Chalice files for Receivership un der bankruptcy protection
RECEIVERSHIP IS IN ORDER AS WE PREDICTED
Chalice Obtains Initial Order under Companies’ Creditors Arrangement Act (Canada) and Commences State Receivership under Oregon State Law
https://finance.yahoo.com/news/chalice-obtains-initial-order-under-145600605.html
Orders Stay Creditors from Enforcing Claims
TORONTO, May 23, 2023 (GLOBE NEWSWIRE) -- Chalice Brands Ltd. (CSE: CHAL) (“Chalice” or the “Company”) announced today that the Company has obtained an order (the “Initial Order”) from the Ontario Superior Court of Justice (Commercial List) (the “Court”) granting protection under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) as well as commenced a process in the Circuit Court of the State of Oregon for an order (the “Receivership Order”) granting the appointment of an Oregon state receiver over certain of Chalice’s subsidiaries (the “Receivership Entities” and the process, the “State Receivership”).
In accordance with the Initial Order, all creditors of Chalice, as well as creditors of all of the Company’s subsidiaries (such subsidiaries, the “Non-Filing Affiliates”), will be stayed from enforcing their claims. The Initial Order provides for a stay of proceedings in favour of the Company and the Non-Filing Affiliates for an initial period of 10 days, subject to such extensions as the Court may subsequently order, and the appointment of KSV Restructuring Inc. as Monitor in the CCAA proceeding.
The Receivership Order, if granted, will approve the appointment of Kenneth Eiler as receiver (the “Receiver”) over the businesses, assets and property of the Receivership Entities and grant the Receivership Entities a broad stay of proceedings against them or their property. The intent of the State Receivership proceeding is to, among other things, ensure that the parties are able to effect a coordinated restructuring effort and support the CCAA proceeding.
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