Distressed marijuana multistate operator Ayr Wellness is now owned by its former creditors.
Following through on “restructuring” plans partially triggered by a debt crunch, Ayr’s senior note holders scooped up assets “and equity interests” held by the multistate operator in seven states via a foreclosure auction on Tuesday, according to a news release.
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Terms, such as the sale price, were not announced, but senior note holders had $387 million in credit available toward a purchase, MJBizDaily reported last month.
Final transfer of Ayr’s licenses is subject to regulator approval, Wednesday’s news release noted.
The foreclosure sale is one step toward the eventual “winding down” of Ayr as currently incorporated, the company said.
For the time being, Ayr Wellness will continue to operate in
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