On September 14, 2023, BioSteel Sports Nutrition Inc. announced that it has obtained an initial order for creditor protection from the Ontario Superior Court of under the Companies’ Creditors Arrangement Act. The terms of the creditor protection provides: (i) a stay of proceedings in favour of BioSteel and its two US affiliates, BioSteel Sports Nutrition USA LLC and BioSteel Manufacturing LLC; and (ii) the appointment of KSV Restructuring Inc. as monitor of BioSteel.
BioSteel sought creditor protection under the CCAA to conduct a court-supervised sale process for its business and property for the benefit of its stakeholders.
Cassels is acting for BioSteel.