Ketamine Company Seeks Creditor Protection, CEO Resigns, Trading Suspended: Trend Continues

After announcing the closing of five of its clinics and ending the last fiscal quarter with roughly acceptable numbers, on March 22 Field Trip Health & Wellness Ltd. obtained an order for creditor protection from the Ontario Superior Court of Justice under the Companies Creditors Arrangement Act (CCAA), with PwC Inc. acting as the CCAA monitor.

Following a stay of proceedings in favor of Field Trip and its subsidiaries, the company would conduct an expedited sale and investment solicitation process towards re-emerging from CCAA protection as an ongoing business.

For the time being, Field Trip will continue operating its remaining clinics in Toronto, Vancouver, New York and Santa Monica under PwC’s oversight. 

The creditor protection’s decision is accompanied by a corporate and clinical staff reduction, as well as a change in the upper ranks. Former director, chairman and CEO Ronan Levy resigned. The current director and chair of the audit and independent committees Keith Merker is now the chief restructuring officer.

As of March 22, trading in Field Trip's securities has been suspended. The company’s common shares will be transferred to the NEX Board of TSX Venture Exchange during the suspension period, no further information is available nor provided at the moment.

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Photo: Benzinga edit with photo by Commons and Pexels.

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