Paul Hastings LLP advised an ad hoc group of senior secured noteholders of AYR Wellness Inc., a leading vertically integrated U.S. multi-state cannabis operator, in a restructuring that was implemented through a court-approved plan of arrangement under the Canada Business Corporations Act. Under the arrangement, the maturity of approximately $400 million in secured notes was extended, and the noteholders received enhanced covenant and collateral protection as well as 25% of the pro forma fully diluted equity. In addition, certain members of the ad hoc group advanced $40 million in new money financing and received 5% of the pro forma fully-diluted equity.

Financial Restructuring partners Erez Gilad and Alex Cota led the Paul Hastings team, which included partners Eric Sibbitt and Charles Patrizia, of counsel Gary Silber, and associates Liz Loonam, Maria Grabis, Joanne Lau, Michael Liu, and Angelika Glogowski.

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