Syncordia Technologies and Healthcare Solutions, Corp. Announces Collateral Agent Demand Letter Notice of Intention to Enforce Security
TORONTO, April 5, 2018 /CNW/ - Syncordia Technologies and Healthcare Solutions, Corp. (TSXV: SYN) (the "Company") has been operating under a forbearance arrangement with its secured lender since July 2017. Efforts to sell the business or refinance have not succeeded. The Company has now received: (i) a demand letter for immediate repayment of its Secured Notes issued on November 5th, 2014 with a current outstanding balance of approximately $14,262,082.76; and (ii) a notice of intention to enforce security pursuant to section 244(1) of the Bankruptcy and Insolvency Act (Canada) dated April 4, 2018. While the collateral agent would otherwise be required to wait 10 days to enforce such security, the Company has consented to the waiver of such period. The secured lender has advised that it intends to seek the appointment of Grant Thornton Ltd. as receiver and manager.
The Company received the resignation of each of the Company's Directors dated today.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Syncordia Technologies and Healthcare Solutions, Corp.
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