Wednesday, May 7, 2025

Latest

James Wagner To File For Creditor Protection, Trichome Provides DIP Facility

It appears that Canntrust Holdings (TSX: TRST) isn’t the only firm that has announced it has sought creditor protection this week. This morning, James E Wagner Cultivation (TSXV: JWCA) announced that it will be seeking creditor protection under the Companies’ Credito Arrangement Act (CCAA), with Trichome Financial (CSE: TFC) assisting in the process

James Wagner has agreed to a consensual restructuring with that of Trichome Financial given that Trichome is one of the first largest lenders. The restructure was negotiated and recommended by Wagner’s board of directors, and was approved by the board March 31.

The initial order for creditor protection is anticipated to be granted by the Ontario Superior Court of Justice.

Under the restructuring plan entered into with Trichome, Trichome will provide James Wagner with a debtor-in-possession (DIP) facility for up to $4 million in interim financing. The result is that day-to-day obligations to employees and vendors will continue to bet met throughout the process.

In addition to the DIP facility, Trichome will also make an offer to purchase the assets of JWCA that contemplates to whats known as a “stalking-horse” agreement in finance. Essentially, the offer for all of James Wagner’s assets that will be made by Trichome is intended to set the baseline for offers from other firms in the sales and investor solicitation process.

KSV Kofman has been appointed as monitor for the CCAA proceedings.

James E. Wagner last traded at $0.12. As a result of filing for creditor protection, it is unknown if the company will resume trading.


Information for this analysis was found via Sedar, and James Wagner Cultivation. The author has no securities related to this organization. James Wagner Cultivation was previously a client of CanaCom Group, the parent company of The Deep Dive. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

James Wagner Closes $1.0 Million Tranche of Private Placement

James E. Wagner Cultivation (TSXV: JWCA) has closed the first tranche of its previously announced...

Friday, December 20, 2019, 09:18:04 AM

James Wagner Cultivation Posts 32% Increase to Quarter Over Quarter Revenues

James E. Wagner Cultivation Corporation (TSXV: JWCA) announced its third quarter 2019 financial results yesterday,...

Tuesday, August 27, 2019, 09:38:22 AM

James Wagner Secures up to $10 Million in Convertible Financing

James E. Wagner Cultivation Corporation (TSXV: JWCA) has announced it has entered into an agreement...

Monday, December 30, 2019, 03:17:05 PM

James Wagner Finally Closes Financing With Final Tranche

James E Wagner Cultivation (TSXV: JWCA) this morning announced that they have finally closed their...

Friday, February 7, 2020, 08:52:25 AM

James Wagner Sees Revenues Decrease 76% Quarter Over Quarter

James E. Wagner Cultivation (TSXV: JWCA) announced their fiscal fourth quarter results for the period...

Friday, February 21, 2020, 09:28:02 AM