Le Lézard
Subject: Restructuring / Recapitalization

Court Appoints KSV Restructuring as Receiver and Manager of MJardin Group, Inc.


TORONTO, March 23, 2022 (GLOBE NEWSWIRE) -- KSV Restructuring Inc. ("KSV"), in its capacity as receiver and manager of MJardin Group, Inc. (CSE:MJAR, "MJardin"), announces that the Ontario Superior Court of Justice (Commercial List) (the "Court") earlier today granted an application by PricewaterhouseCoopers Inc. ("PwC"), in its capacity as court-appointed receiver and manager of Bridging Finance Inc. and certain related entities and investment funds (collectively, "Bridging"), seeking to appoint KSV as receiver and manager of MJardin. Bridging is the senior secured creditor of MJardin. MJardin had previously announced on March 15, 2022 that it had received a demand notice from PwC on behalf of Bridging seeking repayment of amounts owing by MJardin under its credit agreements, as well as a Notice of Intention to Enforce Security under section 244 of the Bankruptcy and Insolvency Act (Canada).

The Court issued an order (the "Receivership Order") appointing KSV as receiver and manager (in such capacity, the "Receiver") of the property, assets and undertaking of MJardin, excluding certain excluded assets as specified in the Receivership Order. The Receiver has not been appointed as the receiver of MJardin's direct and indirect subsidiaries (collectively the "Subsidiaries").

The Receiver is issuing this press release and will provide written notice of the granting of the Receivership Order to the Canadian Securities Exchange and the Ontario Securities Commission pursuant to the Receivership Order.

The purpose of the receivership proceedings is to stabilize MJardin's business and to provide the time needed to consider available restructuring options and alternatives. Bridging, as MJardin's senior ranking secured creditor, has advised that it is prepared to provide MJardin and the Subsidiaries with the funding they require to continue their business operations while the review of restructuring options and alternatives is ongoing.  

Pursuant to the Receivership Order, the Receiver has no obligation to fulfil or satisfy, or cause MJardin to fulfil or satisfy, any continuous disclosure or other reporting obligations pursuant to the Securities Act (Ontario), the regulations thereunder or any national instrument or national policy or any similar federal, provincial, U.S. federal or state securities legislation, regulation or policies, as well as any rules, policies, guidance and other requirements of any stock exchange or marketplace on which any securities of MJardin are posted and/or traded.

Copies of the materials publicly filed in connection with these receivership proceedings are available on the Receiver's website, at https://www.ksvadvisory.com/experience/case/mjardin-group-inc.

The Canadian Securities Exchange has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States.

For further information, please contact:

Murtaza Tallat
KSV Restructuring Inc., Court-appointed receiver and manager of MJardin Group, Inc.
[email protected]
416.932.6031




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