Multistate cannabis operator Ayr Wellness is undergoing a restructuring that will cut its debt in half, streamline operations and enable the company to come out stronger under new ownership.
Senior note holders, led by Boston-based investment adviser Millstreet Capital Management, have $387 million in credit to put toward purchasing Ayr Wellness’ assets and give them ownership of the company.
Representatives for Millstreet Capital Management could not be reached for comment.
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The restructuring, expected to wrap up by December, will reduce Ayr’s debt load by more than 50% and ensure Ayr Wellness remains a strong player in the cannabis industry, interim CEO Scott Davido said.
The debt holders are not just taking over the company – they’re also committing an extra $50 million to
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