Simply Solventless Announces Endorsement and Support of Restructuring Plan from Secured Debt Holders

Core Viewpoint - Simply Solventless Concentrates Ltd. (SSC) is undergoing a restructuring process to preserve shareholder and stakeholder value, supported by its largest secured convertible debenture holder, Plaza Capital, and its largest promissory note holder, Altek Acquisition Partnership [2][4]. Group 1: Restructuring Details - The restructuring aims to protect SSC's subsidiaries from potential enforcement actions by the CRA, which could jeopardize their licenses and revenue generation capabilities [5]. - Plaza Capital holds $3.0 million of the $6.0 million in secured convertible debentures, while Altek Acquisition Partnership holds $1.0 million of the $2.3 million in promissory notes, together representing 84% of SSC's secured debt [3][4]. - The restructuring process includes a proposed sale and investment solicitation process (SISP) for specific subsidiaries, which is not a liquidation but aims to maximize value without historical liabilities [5]. Group 2: Stakeholder Support - Plaza Capital and Altek Acquisition Partnership express strong support for the restructuring, believing it will enhance shareholder and creditor value while streamlining SSC's operations [5]. - The commitment from Plaza and AAP is crucial for the efficient completion of the restructuring process [4]. - SSC's management, along with oversight from MNP Ltd., will manage the SISP process, ensuring that any successful bids are court-approved [5]. Group 3: Company Overview - Simply Solventless Concentrates Ltd. is a public company focused on providing high-quality cannabis products to consumers [6].