Goodfood Market Corp. ("Goodfood" or the "Company") (TSX: FOOD), a leading Canadian online meal solutions company, announced today that the Superior Court of Québec (Commercial Division) (the "Court") has granted an order approving a sale and investment solicitation process (the "SISP") in connection with the Company's proceedings under the Companies' Creditors Arrangement Act (the "CCAA").
The SISP will be conducted by the Company's board of directors together with Raymond Chabot Inc., in its capacity as Court-appointed Monitor (the "Monitor"), in accordance with the procedures approved by the Court.
The SISP is intended to provide interested parties with an opportunity to submit proposals for a purchase of, or investment in, the Company or its business and/or its assets with a view to identifying a transaction that maximizes value for the benefit of the Company and its stakeholders. No transaction has been selected or approved at this stage.
The SISP contemplates two separate bidding processes. With respect to the Company's assets other than the shares it holds in 16423132 Canada Inc., the wholly-owned subsidiary of the Company that holds approximately 80% of the shares of Genuine Tea Inc., (the "GF Business"), the SISP provides for a single-phase bidding process under which interested parties must submit binding offers no later than September 28, 2026. With respect to the shares held by the Company in 16423132 Canada Inc. (the "164 Shares"), the SISP provides for a two-phase bidding process under which interested parties must submit non-binding letters of intent no later than September 28, 2026, followed by binding offers no later than on October 30, 2026. If one or more successful bids are selected under either process, the Company expects to seek Court approval of the resulting transaction or transactions shortly thereafter, with closing to occur no later than November 6, 2026 for the GF Business and December 7, 2026 for the 164 Shares, subject in each case to the terms of the SISP and any applicable Court approval.
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