Multistate cannabis grower and retailer iAnthus Capital Holdings announced a restructuring support deal with a recapitalization component, giving the company an opportunity to reduce its outstanding debt.
The New York-based company with offices in Toronto received a demand for repayment on its secured debentures in June after defaulting on interest payments.
After a strategic review, iAnthus’ board “concluded that the recapitalization transaction represents the best available alternative to improve the company’s capital structure and to maximize and preserve value for the company and its stakeholders,” iAnthus said in a news release.
The restructuring support agreement announced Monday is supported by all of iAnthus’ secured lenders and more than 91% of unsecured debenture holders, the company said.