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Wayland seeks creditor protection

2019-12-02 21:03 ET - News Release

Ms. Tammy Muradova of PricewaterhouseCoopers reports

WAYLAND SEEKS CREDITOR PROTECTION TO PURSUE RESTRUCTURING PLAN

Wayland Group Corp., Maricann Inc. and NanoLeaf Technologies Inc. have been granted an order from the Ontario Superior Court of Justice (commercial list) under the Companies' Creditors Arrangement Act (the CCAA).

The initial order provides for, among other things, a stay of proceedings in favour of the Wayland Group and certain of its affiliates, and the appointment of PricewaterhouseCoopers Inc. as monitor of the Wayland Group.

The Wayland Group sought creditor protection under the CCAA to receive a short-term stay of proceedings that will provide additional time to consider potential financing arrangements and restructuring transactions. The Wayland Group is in advanced discussions regarding potential arrangements for debtor-in-possession financing, and it intends to continue its work with the monitor and its advisers in connection with these potential arrangements and in connection with its consideration of potential restructuring transactions. Wayland anticipates providing a further update once additional details regarding the potential financing arrangements are available, though it can offer no assurance that any financing arrangements will be available on terms acceptable to the Wayland Group and the court, or at all.

Wayland also confirmed that it has been delayed in filing its interim financial statements for the quarter ended Sept. 30, 2019, together with the related management's discussion and analysis and the certificates of its chief executive officer and chief financial officer, with Canadian securities regulators. Wayland continues to be delayed in the filing of its 2018 audited annual financial statements, together with the company's first and second quarter interim financial statements and all associated materials.

About Wayland Group Corp.

Wayland is a vertically integrated cultivator and processor of cannabis. Wayland was founded in 2013 and is based in Burlington, Ont., Canada, and Munich, Germany, with production facilities in Langton, Ont., where it operates a cannabis cultivation, extraction, formulation and distribution business under federal licences from the government of Canada. Wayland also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland, and Allesandria, Piedmont, Italy.

A copy of the initial order and other information will be available on the monitor's website.

We seek Safe Harbor.

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