Debtors - but Tilray (thru Superhero Acquisition) is the ONLY unsecured debtor.
As below, unsecured debtors get nothing.
Great Deal maker that Simple Simon - $225 million cash gone.
But quinlash thinks Tilray will buy Medmen assets for pennies on the dollar? He misses the fact that it's not legal for Canadian Tilray to buy US cannabis assets in the first place - $225 million for a bankrupt company is hardly Pennie's.
Tilray bought bankrupt Hexo for $250 million - now they're selling Hexo assets for pennies - because they didn't need them after all. Funny how that works
Creditors line up
According to bankruptcy documents, 11 secured creditors have claims in excess of CA$202 million ($148 million).
They include:
- Chicago-based Treehouse Real Estate Investment Trust, CA$101 million ($74 million).
- Los Angeles-based direct lender Hankey Capital, CA$82.1 million (CA$60 million).
- Chicago-based marijuana operator Verano Holdings, CA$1.3 million ($950,000).
The only unsecured creditor noted in bankruptcy filings is listed as Superhero Acquisition Corp., the owner of MedMen’s California assets, with CA$359 million ($263 million) in claims.
Total claims eclipse $410 million.
Through a 2021 deal with Superhero, Canadian marijuana license holder Tilray Brands acquired a majority position in MedMen’s amended convertible notes for $165.8 million.
In receiverships, secured creditors such as banks and those with asset-based collateral are paid first, while unsecured creditors often go unpaid.