MIAMI — Using a newly formed acquisition vehicle known as NewCo, AYR Wellness Inc.’s senior noteholders on November 10 submitted a successful bid to acquire the company during a public foreclosure auction that had been in the works since July. The acquired collateral assets and equity interests include subsidiaries in Florida, New Jersey, Nevada, Ohio, Massachusetts, Pennsylvania, and Virginia, collectively representin the core operations of the Company.
In the coming days the Ayr expects to formally begin the process seeking all the necessary regulatory approvals to transfer ownership to NewCo and commence proceedings under the Companies’ Creditors Arrangement Act in British Columbia to facilitate a court-supervised winding-down of the existing AYR corporate entity.
Odyssey Trust Company, in its capacity as collateral trustee for the Company’s Senior Noteholders, conducted the auction.
Ayr will continue normal operations while it seeks regulatory approval for the transfer of assets and licenses.
