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Loudpack Ad Hoc Group 2020

The firm completed an out-of-court restructuring of Loudpack, a vertically integrated cannabis company based in California. PSZJ was counsel to the ad hoc group of unsecured noteholders and played a critical role throughout the restructuring process. Loudpack amended its 8% unsecured convertible notes that were otherwise due in November 2020; notes representing approximately $60 million of principal and accrued interest were exchanged for a like amount of new secured convertible notes, due December 31, 2022. The amendment provided an extension of more than two years. With PSZJ’s assistance, the transaction successfully addressed substantially all near-term debt obligations, and provided a path for new financing, paving the way for substantial growth. This was a particularly complex transaction with the overlay of issues unique to the cannabis industry.