Pyxus International, Inc 8-K/A, filed Jun 29, 2021
Pyxus International, Inc. (PYYX)
About this 8-K/A
Pyxus International, Inc filed this 8-K/A on June 29, 2021, reporting on events of January 21, 2021.
Items reported
- Item 2.06: Material impairment
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Amendment No. 1)
CURRENT REPORT
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| Item 2.06 | Material Impairments. |
This Amendment on Form 8-K/A (the “Amendment”) amends the Current Report on Form 8-K filed on January 21, 2021 (the “Prior Report”) by Pyxus International, Inc. (the “Company”) with respect to the applications on January 21, 2021 by Canada’s Island Garden Inc. (“FIGR East”), FIGR Norfolk Inc. (“FIGR Norfolk”) and FIGR Brands, Inc. (together with FIGR East and FIGR Norfolk, the “Canadian Cannabis Subsidiaries”), which at such time were indirect subsidiaries of the Company, for relief from their respective creditors pursuant to Canada’s Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List) in Ontario, Canada (the “CCAA Proceeding”). In connection with and contemporaneous with the commencement of the CCAA Proceeding, the Company concluded that it would incur a material non-cash charge with respect to its investments in and advances to the Canadian Cannabis Subsidiaries. At the time of the filing of the Prior Report, the Company was unable to estimate the total amount or range of amounts of this charge. The Company made a determination of such information on June 25, 2021, and this Amendment is being filed to report such information.
The Company expects that the total charge with respect to its investments in and advances to the Canadian Cannabis Subsidiaries will be within a range of approximately $63.2 million to $77.3 million, which is a non-cash charge to be recognized in the quarter ended March 31, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 29, 2021
| PYXUS INTERNATIONAL, INC. | ||
| By: | /s/ William L. O’Quinn, Jr. | |
| William L. O’Quinn, Jr. | ||
| Senior Vice President – Chief Legal | ||
| Officer and Secretary | ||
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