Examples of GCG Parent in a sentence
Accordingly, on February 5, 2020, GCG Parent and KY Hemp each filed in the Bankruptcy Court voluntary petitions for relief under chapter 11 of the Bankruptcy Code and GCG Opco consented to the previously filed involuntary petition in its case.
Boccaccini of the Department of Psycholo- gy and Philosophy, Sam Houston State University.
Pursuant to the terms of the MGG Settlement Agreement and this Plan, each MGG Subordinated Claim is an Allowed Class 3 Claim entitled to receive on account thereof its Trust Ratable Share of the Beneficial Interests, provided that, pursuant to the terms of the MGG Settlement Agreement and this Plan, the Allowed MGG Subordinated Claims are subordinated to the prior payment in full of all Allowed General Unsecured Claims (but not to GCG Parent Control Claims).
But, as with Debtor KY Hemp, Debtor GCG Parent has few creditors that have not also either been scheduled with, or Filed Claims against Debtor GCG Opco.
Similarly, in connection with the Convertible Debentures earlier issued by GCG Parent to MariMed, GCG Opco executed a guaranty of GCG Parent’s obligations for the Convertible Debentures and pledged certain of its assets as security for those obligations.
GCG Parent functions primarily as a holding company that owns 100% of the equity interests of GCG Opco.
This entity, Hemp Kentucky Growers, LLC (“HKG”), instead of filing a proof of Claim against KY Hemp, filed proofs of Claim only against Debtors GCG Parent and GCG Opco in reliance upon guarantees allegedly issued by those Debtors in connection with an October 2016 transaction in which KY Hemp agreed to redeem all of HKG’s interest in KY Hemp.
Based on the Debtors’ review of the Claims Register maintained by the Claims and Noticing Agent as of August 14, 2020, in addition to the amount scheduled for the Prepetition Secured Parties on account of the Prepetition Obligations arising under the Prepetition Loan Facility, there were just eight unique Claims either Filed against GCG Parent or scheduled for GCG Parent other than as contingent, unliquidated or disputed and not subsequently superseded by a Filed proof of Claim.
In addition, effective as of July 1, 2020, Gary Broadbent, who previously served as the Company’s Executive Vice President, Secretary and General Counsel, also was appointed by the boards of GCG Parent and GCG Opco to serve as the Company’s Chief Wind-Down Officer.
Debtor GCG Parent is a corporation originally incorporated under the laws of the British Virgin Islands in August 2014 and reincorporated under the laws of Delaware in 2019.