Former GenCanna liquidation plan draws objection from U.S. trustee

By Sarah Lizee

Olympia, Wash., Oct. 28 – OGGUSA, Inc.’s, formerly GenCanna Global USA, Inc., second amended joint plan of liquidation drew an objection on Tuesday from the U.S. trustee overseeing the case, according to a filing in the U.S. Bankruptcy Court for the Eastern District of Kentucky.

Acting U.S. trustee Paul A. Randolph said he objects to numerous third-party releases and exculpations in the plan.

“When combined, the releases and exculpations proposed to the released parties and the exculpated parties provide an extraordinarily broad release of all liability to essentially all parties with any involvement in the [case], both before and after the petition date,” Randolph said in his objection.

A hearing is set for Nov. 9.

Winchester, Ky.-based GenCanna is a vertically integrated agriculture-technology company specializing in the production of hemp rich in CBD. The company filed bankruptcy on Feb. 6, 2020 under Chapter 11 case number 20-50133.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.