CAUTION: We have been advised that fraudulent emails with a modified domain name have been sent by a source purporting to be from Aird & Berlis LLP. These communications are not legitimate and are not from Aird & Berlis LLP. Disregard any such emails and do not engage with the sender or the email in any way. Please report the attempted fraud by contacting the Canadian Anti-Fraud Centre and by emailing Aird & Berlis LLP at help@airdberlis.com.

Back to all Representative Matters
Nov 19, 2020

Feronia Inc. Completes Restructuring Transaction

Richard M. Kimel, Amy Marcen-Gaudaur, Steven L. Graff, Kyle B. Plunkett and Nathan Gates

Feronia Inc. (“Feronia” or the “Company”) recently completed a third party sale and restructuring transaction, resulting in the sale of substantially all of the Company’s assets, including its direct and indirect equity interests in its operating subsidiary, Plantations et Huileries du Congo.

In May 2020, the Company appointed Ernst & Young Inc. and Ernst & Young Orenda Corporate Finance Inc. as independent financial advisor to conduct the third party sales process and restructuring. As a result of the sales process, Feronia entered into a definitive purchase agreement with Straight KKM 2 Limited (as amended, the “Purchase Agreement”), which provided for the acquisition by Feronia KNM of substantially all of the Company’s assets. On July 23, 2020, the Company initiated debtor in possession insolvency proceedings (the “NOI Proceedings”) under the Bankruptcy and Insolvency Act (Canada) (the “BIA”). Ernst & Young Inc. was appointed to act as proposal trustee in connection with the NOI Proceedings.

The transaction was completed on November 19, 2020 pursuant to an Order of the Supreme Court of British Columbia in Bankruptcy and Insolvency, in accordance with the terms of the Purchase Agreement. Following completion of the sale transaction, and the expiry of the NOI Proceedings, the Company was declared bankrupt pursuant to the BIA and had its common shares voluntarily delisted from the TSX Venture Exchange.

Aird & Berlis acted on behalf of Feronia with a team composed of Richard Kimel, Amy Marcen-Gaudaur (Capital Markets), Steve Graff, Kyle Plunkett and Nathan Gates (Financial Services).

Related Representative Matters

Representative Matters
Energy+ Closes $55 Million Offering of Unsecured Debentures Jill P. Fraser, Melanie Cole and Meredith McCann Aug 10, 2020 On August 10, 2020, Energy+ Inc. closed a $55 million offering of 2.968% senior unsecured debentu... On August 10, 2020, Energy+ Inc. closed a $55 million offering of 2.968% senior unsecured debentures due August 10, 2060.
Representative Matters
MediPharm Labs Completes $37.8 Million Private Placement Melanie Cole, Amy Marcen-Gaudaur, Meredith McCann and Aaron Collins Jun 22, 2020 MediPharm Labs Corp., a global leader in specialized, research-driven pharmaceutical-quality cann... MediPharm Labs Corp., a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, recently completed a private placement with an institutional investor for aggregate gross proceeds of $37,822,500.
Representative Matters
TD Bank Leads $64 Million Syndicated Credit Facilities Jill P. Fraser and Kyle B. Plunkett Oct 23, 2019 Sangoma Technologies Inc. and Sangoma U.S. Inc. entered into a syndicated loan agreement with certain Schedule 1 banks.