Groupe Sélection has just been denied permission to appeal the judgment rendered last Monday by the Superior Court.
• Read also: Fitzgibbon questions the governance of Selection Group
• Read also: Selection Group: Senator Carignan prepares for his exit
In a decision of regarding ten pages, rendered this followingnoon, Judge Peter Kalichman rejected all the requests filed Thursday by the lawyers of Stikeman Elliott, on behalf of the Laval real estate group, specializing in the management of private residences. for seniors (RPA).
Through the voice of Judge Kalichman, the Court of Appeal therefore dismissed his main motion for permission to appeal the judgment of November 21 last. After four days of hearing, remember that Judge Michel Pinsonnault had finally sided with the arguments of a group of creditors (made up of eight financial institutions) who wanted the intervention of PricewaterhouseCoopers (PwC).
In the same breath, the Court of Appeal also dismissed the motion for suspension of execution, the motion for a safeguard order and the motion to schedule a hearing on a priority basis, filed by Groupe Sélection.
Through this last resort, the company was thus attempting to maintain control of the necessary turnaround envisaged, in concert with FTI Consulting, as controller, and businessman Herbert Black, as interim financier.
More than a billion in debt
Groupe Sélection, owned by businessman Réal Bouclin, filed for protection under the Companies’ Creditors Arrangement Act (CCAA) on November 14.
The amount of its claims once morest the syndicate of lenders, of which the National Bank of Canada is a member, is estimated at $272 million. To this amount would be added debts of $995 million to its employees, suppliers and other mortgage lenders.