VBI Vaccines Granted Protection Under Canada's CCAA By Ontario Superior Court; Receives Approval For DIP Loan And Ernst & Young Appointed As Monitor During Restructuring Process
Portfolio Pulse from Benzinga Newsdesk
VBI Vaccines has been granted protection under Canada's Companies' Creditors Arrangement Act (CCAA) by the Ontario Superior Court. The company has also received approval for a debtor-in-possession (DIP) loan, and Ernst & Young has been appointed as the monitor during the restructuring process.
July 30, 2024 | 1:55 pm
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VBI Vaccines has been granted protection under Canada's CCAA, received approval for a DIP loan, and Ernst & Young has been appointed as the monitor during the restructuring process.
The protection under CCAA and the approval of a DIP loan indicate that VBI Vaccines is undergoing significant financial restructuring. This is typically seen as a negative signal for the company's short-term stock price as it reflects financial distress.
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