Monday, July 13, 2020 6:42:25 PM
At best, existing common shareholders will be left with just 2.75% of the reorganized company, but only if the deal is done outside of CCAA. If they go to CCAA, existing common shares will be cancelled.
https://www.prnewswire.com/news-releases/ianthus-announces-execution-of-support-agreement-for-a-recapitalization-transaction-301092030.html
"Only if the Recapitalization Transaction is consummated through the Arrangement Proceedings (as defined below), the existing holders at the time of completion (the "Existing Shareholders") of Common Shares will retain 2.75% of the ownership of the Common Shares (the "Common Shareholder Interest"). If the Recapitalization Transaction is completed through CCAA Proceedings, the Existing Shareholders will not receive a recovery and the Common Shareholder Interest will instead be allocated equally as among the Secured Lenders and Unsecured Debentureholders;
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