CannTrust Holdings Inc. (OTCEM:CNTTQ), a minority investor in Phoena Holdings Inc. has made a division I proposal pursuant to the Bankruptcy and Insolvency Act (Canada).
CTH had intended to hold its annual general meeting on or before November 30, 2022. However, in order to hold such annual meeting, CTH would be required to, among other things, prepare audited financial statements. CTH has determined that it is not feasible to complete the audit and other work necessary to hold an annual general meeting before November 30, 2022. In these circumstances, CTH believes it is in the best interests of its stakeholders to make a proposal to its creditors under the BIA.
