Aleafia Health Announces Extension of Forbearance Under Loan Agreement With Senior Lender
Thursday, June 1, 2023, 8:44 AM ET
Aleafia Health Announces Extension of Forbearance Under Loan Agreement With Senior Lender
TORONTO, June 01, 2023 (GLOBE NEWSWIRE) -- Aleafia Health Inc. (TSX: AH, OTCQB: ALEAF) ("Aleafia Health" or the "Company") announces that the Company has entered into a forbearance agreement with NE SPC II LP ("NE SPC") extending the forbearance period under its loan agreement with NE SPC until June 5, 2023. The forbearance agreement comes in light of ongoing negotiations between the Company, NE SPC and a potential alternative lender regarding a potential refinancing of the indebtedness existing under the Company's loan agreement with NE SPC dated December 24, 2021 and as previously amended by agreements dated March 28, 2022, June 17, 2022, and May 15, 2023 (the "Loan Agreement").
As previously disclosed by the Company, NE SPC recently agreed to amend the terms of the Loan Agreement and to forbear from enforcing its rights under the Loan Agreement until the earlier of (a) an event of default, or (b) May 31, 2023.
No decisions relating to any potential refinancing have been made as at the date of this news release and the Company does not intend to comment further with respect to a potential refinancing, or any other transaction which may result from the strategic review process announced by the Company on May 25, 2023, unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with applicable securities laws.
GLTA