Residences for seniors: Groupe Sélection wants to protect itself from its creditors
The Selection Group ensures that this restructuring will have no impact on the operation of the complexes it operates.
Selection Group, one of the main builders and managers of residences for the elderly in Quebec, wishes to carry out extensive financial restructuring under the Companies' Creditors Arrangement Act.
In a statement sent by press release, the company wishes to reassure its customers and residents. It promises that this procedure will have no impact on operations in [its] complexes and is mainly aimed at the construction, development and certain management business divisions of the group.
The company did not provide more details as to the sums involved or the eventual duration of the process, but it says it is confident that this avenue will help to lessen the impacts of the pandemic, inflation and successive increases in interest rates in recent months, which have had significant effects on [the] company and [on its] development projects.
The Selection Group also does not mention whether some of its 5,000 employees will be laid off.
The company says it manages more than 14,000 retirement and multi-residential apartments in Quebec.