Briefs, Companies, News, North America, USA

Bankrupt GenCanna, creditors strike deal

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Bankrupt Kentucky hemp company GenCanna has agreed to a settlement with its creditors, who will get $1.1 million cash and 15% of collections from any funds GenCanna is awarded in future lawsuits arising in the wake of the company’s collapse. The creditors would stand to collect part of any funds recouped by GenCanna in its lawsuit against Southern Tier Hemp, New York. GenCanna has operated as OGGUSA Inc. since it agreed to sell off its assets in bankruptcy proceedings in February 2020. The company filed for bankruptcy following a series of legal actions from angry creditors that started in October 2019.

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