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Humble & Fume Inc. files for CCAA protection

(CNW) Toronto — Humble & Fume Inc. announced that the company and its subsidiaries, Humble & Fume Inc. (Manitoba), P.W.F. Holdco, Inc., Windship Trading LLC, B.O.B. Headquarters Inc., Fume Labs Inc., and Humble Cannabis Solutions Inc. (together with the company, collectively, the Humble Group) have initiated proceedings (the CCAA Proceedings) in the Ontario Superior Court of Justice (Commercial List) (the Court) under the Companies’ Creditors Arrangement Act (the CCAA).

The Humble Group’s application under the CCAA was heard earlier today. Following the hearing, the Court granted an order, which, among other forms of relief: (i) granted a stay of proceedings in favour of the Humble Group up to and including January 15, 2024; and (ii) appointed Deloitte Restructuring Inc. as Court-appointed monitor of the Humble Group (in such capacity, the Monitor).

After extensive consultation with legal and financial advisors, and thorough consideration of all available alternatives, the directors of the Humble Group determined that it was in the best interests of the Humble Group to seek creditor protection under the CCAA.

The Humble Group is scheduled to return to Court for a hearing on January 12, 2024 to seek, among other relief, the approval of a sale and investment solicitation process to facilitate a transaction that sees the Humble Group emerge from the CCAA proceedings as a going concern. The company believes that the protection afforded by the CCAA will allow the Humble Group to address its liquidity issues and stabilize operations.

The company anticipates having sufficient liquidity to navigate the CCAA proceedings and does not forecast a need for additional financing at this time.

Relevant court materials will be made available on the Monitor’s website.