By Diana Novak Jones (May 19, 2020, 10:12 PM EDT) -- A Kentucky bankruptcy judge gave the go-ahead on Tuesday for hemp processor GenCanna to sell the bulk of its assets in a deal valued at $77 million, allowing MGG Investment Group to recoup on millions it lent the company.
U.S. Bankruptcy Judge Gregory Schaaf signed off on an order allowing GenCanna, which makes CBD products from processed industrial hemp, to sell all of its inventory, intellectual property and licenses to MGG Gencanna Acquisition Corp. The sale represents the best offer GenCanna could get, the judge said.
The deal involves a credit bid of $73.5 million, which covers money MGG lent to...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!