MONTREAL, Dec. 11,
2024 /CNW/ - ELNA Medical Group (the "Company"
or "ELNA") announced today that the Québec Superior Court
(Commercial Division) (the "Court") has granted the
Company's application for an initial order (the "Initial
Order") under the Companies' Creditors Arrangement Act
("CCAA"). The Initial Order appointed Raymond Chabot Inc. as
monitor (the "Monitor") and authorized debtor-in-possession
financing provided by the National Bank of Canada to allow the Company to provide the
stability required to continue its operations, while pursuing its
restructuring efforts under the CCAA proceedings.
ELNA also received Court approval of a sale and investment
solicitation process (the "SISP") to be conducted by ELNA,
under the oversight of the Monitor and with the assistance of
Raymond Chabot Grant Thornton &
Co. LLP, in accordance with the terms therein (the "SISP
Guidelines"). The SISP is intended to solicit interest in,
and opportunities for, a sale of, or investment in, all or part of
the assets and business segments of the Company, with the goal of
maximizing value for the Company and its stakeholders.
"By filing for protection under the Companies' Creditors
Arrangement Act, ELNA Medical Group is proactively addressing its
liquidity challenges, strengthening its financial stability, and
ensuring uninterrupted care for our valued physicians, healthcare
professionals, and patients. This decision reflects our commitment
to improving access to quality care while delivering an exceptional
experience. We are confident that this restructuring will enhance
our ability to innovate, accelerate the transformation of the
healthcare sector, and ensure sustainable growth for long-term
success," stated Laurent Amram,
President and Founder of ELNA Medical Group.
In order to participate in the SISP and obtain a copy of the
confidential information memorandum as well as access to the
virtual data room, all interested parties must comply with the
terms and conditions set forth in the SISP Guidelines, a copy of
which is available on the Monitor's website at:
https://www.raymondchabot.com/en/companies/public-records/groupe-elna/
The deadline for submitting non-binding letters of interest is
5:00 p.m. (EST) on January 31, 2025. A copy of the Initial Order
and other information regarding the CCAA proceedings will also be
available at the Monitor's website. Information regarding the CCAA
proceedings can also be obtained by emailing the Monitor at
elna@rcgt.com.
ELNA's legal advisors in connection with the CCAA proceedings
and SISP are Osler, Hoskin &
Harcourt LLP.
About ELNA Medical Group
ELNA Medical Group is Canada's
largest network of medical clinics & diagnostic laboratories,
focused on revolutionizing healthcare, patient and doctor
experience. With over 100 clinics and points of care, over 1,000
physicians, and serving more than 3 million Canadians, ELNA is
transforming the future of healthcare delivery and continuity of
care by building a fully integrated omnichannel ecosystem, to
better serve our patients in our clinics, virtually and in-home.
Striving to improve patient outcomes and optimize access to high
quality healthcare, ELNA provides unparalleled support to
healthcare professionals within its modern clinics by leveraging
cutting-edge AI technologies and strategic partnerships with global
healthcare leaders. ELNA complements its vast offering of over 500
medical services with access to diagnostic services, through its
subsidiary CDL Laboratories, a leader in medical testing for over
three decades. For more information,
visit: elnamedical.com
SOURCE ELNA Medical
