Proposal“) under the
Bankruptcy and Insolvency Act (Canada), pursuant to which the Company implemented a recapitalization of its previously outstanding CDN$35 million principal amount of 8.0% unsecured convertible debentures (the “
Debentures“) and all other prior debts of the Company (the “
Recapitalization“).
Upon implementation of the Proposal, (i) all existing equity claims in the Company were irrevocably and finally extinguished; and (ii) in full and final satisfaction of all claims of Nabis’ creditors, which were irrevocably and finally extinguished, the Company issued an aggregate of 3,700,000 new common shares in the capital of the Company (“
New Common Shares“) and an aggregate principal amount of CDN$23 million new 5.3% senior unsecured notes due 2023 (“
Nabis Holdings Inc. Provides Important Update on Implementation of Proposal
IMPORTANT INSTRUCTIONS TO RECEIVE SECURITIES UNDER THE PROPOSAL
VANCOUVER, British Columbia, Jan. 21, 2021 (GLOBE NEWSWIRE) Nabis Holdings Inc. (CSE: NAB) (OTC: NABIF) (FRA: A2PL) (
Nabis or the
n
y ) is providing an important update to the Company s previously announced proposal (as amended from time to time, the
Proposal ) under the
Bankruptcy and Insolvency Act (Canada), pursuant to which the Company will implement a recapitalization of the Company s outstanding CDN$35 million principal amount of 8.0% unsecured convertible debentures (the
Debentures ) and all other debts of the Company (the
Recapitalization ). Further to the Company s news release dated January 4, 2021, the Company intends on implementing the Proposal on or prior to January 29, 2021 (the
n
y”) is providing an important update to the Company’s previously announced proposal (as amended from time to time, the “
Proposal”) under the
Bankruptcy and Insolvency Act (Canada), pursuant to which the Company will implement a recapitalization of the Company’s outstanding CDN$35 million principal amount of 8.0% unsecured convertible debentures (the “
Debentures”) and all other debts of the Company (the “
Recapitalization”). Further to the Company’s news release dated January 4, 2021, the Company intends on implementing the Proposal on or prior to January 29, 2021 (the “
Implementation Date”).
The Company and the Consenting Debentureholders (as defined in the Proposal) have set March 1, 2021 as the deadline (the “
n
y”) provides an update with respect to the hearing to approve the Company’s previously announced proposal (as amended from time to time, the “
Proposal”) under the
Bankruptcy and Insolvency Act (Canada) (the “
BIA”). On December 21, 2020, the Ontario Superior Court of Justice (Commercial List) granted an order (the “
Approval
Order”) approving the Proposal in accordance with its terms and the BIA.
Pursuant to the Proposal, the Company will implement a recapitalization of the Company’s outstanding CDN$35 million principal amount of 8.0% unsecured convertible debentures and all other debts of the Company (the “
Recapitalization”). Further details regarding the material terms of the Proposal are set out in the Company’s news releases dated November 23, 2020 and December 10, 2020. KSV Restructuring Inc. is acting the proposal trustee in respect of the Proposal (in such capacity, the “
n
y”) provides an update with respect to the hearing to approve the Company’s previously announced proposal (as amended from time to time, the “
Proposal”) under the
Bankruptcy and Insolvency Act (Canada) (the “
BIA”). On December 21, 2020, the Ontario Superior Court of Justice (Commercial List) granted an order (the “
Approval
Order”) approving the Proposal in accordance with its terms and the BIA.
Pursuant to the Proposal, the Company will implement a recapitalization of the Company’s outstanding CDN$35 million principal amount of 8.0% unsecured convertible debentures and all other debts of the Company (the “
Recapitalization”). Further details regarding the material terms of the Proposal are set out in the Company’s news releases dated November 23, 2020 and December 10, 2020. KSV Restructuring Inc. is acting the proposal trustee in respect of the Proposal (in such capacity, the “