Sports drink company BioSteel filing for creditor protection in U.S. and Canada

The owner of sports drink company BioSteel says it has filed for creditor protection in the U.S. and Canada and is trying to find a buyer for the business.

Ontario-based Canopy Growth, the largest cannabis company in North America, said in a press release Thursday that it has ceased funding BioSteel Sports Nutrition Inc. and that BioSteel has commenced proceedings under the Companies Creditors Arrangement Act.

Companies undergo CCAA when they seek a court's help to protect them from their creditors. That's to ensure orderly proceedings while they either restructure or wind down operations. Alongside the Canadian CCAA proceedings, the company will also undergo creditor protection under Chapter 15 of the U.S. bankruptcy code.

BioSteel was founded in Toronto in 2009 by entrepreneur John Celenza and then-NHLer Mike Cammalleri. The company has a marketing partnerships with several dozen NHL, NBA and NFL teams, and notable athletes including Connor McDavid, Mathan MacKinnon, John Tavares and recent No. 1 overall pick Connor Bedard — all of whom attended a recent training camp together.

Can you handle more Connor Bedard content? Of course you can!<br><br>A day with Bedard at the BioSteel Camp<br><br>(