LONDON, Ontario — Indiva Limited was granted creditor protection pursuant to an order from the Ontario Superior Court of Justice (Commercial List) under the Companies’ Creditors Arrangement Act (the “CCAA”). The Initial Order also appointed PricewaterhouseCoopers Inc. as the monitor of the Indiva Group, and approved debtor-in-possession financing from Indiva’s senior secured lender, SNDL Inc..
Pursuant to an Order granted on July 5, 2024, the Court has approved: (i) a sale process to be conducted in respect of the business and property of the Indiva Group by the Monitor, in consultation with the Indiva Group; and (ii) an agreement of purchase and sale between Indiva and certain of its subsidiaries and SNDL to serve as the “stalking horse” pursuant to the Sale Process. The consideration to be provided pursuant to the Stalking Horse Bid will be the “floor”, or minimum acceptable bid, for other bidders. If a bid is not received in compliance with the Sale Process and with consideration value better than what would be received under the Stalking Horse Bid, the Stalking Horse Bid will be deemed to be the “Successful Bid” pursuant to the Sale Process. If another bid offers superior terms to the Stalking Horse Bid, the Sale Process provides that an auction process will determine the “Successful Bid”.
Interested parties who wish to submit a bid in the Sale Process must deliver a binding offer to the Monitor by no later than August 26, 2024 at 5:00 pm (Eastern Time).
About Indiva Limited
Indiva is proud to be Canada’s #1 producer of cannabis edibles. Indiva sets the gold standard for quality and innovation with award-winning products across a wide range of brands including Pearls by Grön, No Future Gummies and Vapes, Bhang Chocolate, Indiva Blips Tablets, Indiva Doppio Sandwich Cookies, and Indiva 1432 Chocolate. Indiva manufactures its top-quality products in its state-of-the-art facility in London, Ontario, and has a corporate workforce remotely distributed across Canada.
