The restructuring of Groupe Sélection entrusted to the controller of the banking syndicate

Spread the love

The restructuring of Groupe Sélection entrusted to the controller of the banking syndicate

Le Coin St-Paul, in Trois-Rivières, is one of Groupe Sélection's private residences for seniors.

A week after being placed under the protection of the Companies' Creditors Arrangement Act (CCAA), Groupe Sélection saw the Superior Court entrust its financial recovery to the monitor of the lenders, PricewaterhouseCoopers.

Selection Group owes more than $260 million to eight financial institutions, including National Bank and Desjardins.

The vast financial restructuring envisaged by Groupe Sélection, one of the main builders and managers of residences for the elderly in Quebec, is therefore beyond the control of the owner who wanted the operation to be carried out by the firm FTI Consulting.

>

Selection Group intends to appeal Judge Michel A. Pinsonnault's decision and is asking for a stay of execution.

Groupe Sélection disagrees with many points of law retained in the conclusions of the judgment which run counter to an effective financial restructuring in the context of the Companies' Creditors Arrangement Act, argues the founder, president and chief executive officer of Selection Group, Réal Bouclin, in a press release.

The company says it has more than 70 housing complexes in operation, in construction and in development in Canada and the United States s. The value of its assets would exceed 5 billion dollars, according to it.

The services offered to seniors who live in Groupe Sélection complexes would not be affected by this operation.

Previous Article
Next Article