Appointment of the restructuring trustee : Groupe Sélection will appeal the Court's decision

LAVAL, QC, Nov. 21, 2022 /CNW Telbec/ -  Following the decision of Judge Michel A. Pinsonnault to appoint PwC as monitor of the financial and operational restructuring of the company, Groupe Sélection will seek permission to appeal the judgement and request a stay of the proceeding's execution.  

In the meantime, our priority remains the well-being of our residents and the quality of our services in all our complexes. In this regard, Judge Pinsonnault repeatedly reiterated his requirement to the designated monitor, to the effect that the process must not have any impact on the complexes and the residents. 

Groupe Sélection recently filed for protection from its creditors to mitigate the repercussions of the pandemic, inflation, and the successive increases in interest rates in recent months, which all had a significant effect on the company and its development projects. Ultimately, the goal is to enable Groupe Sélection to pursue its mission here, in Quebec. 

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"Groupe Sélection disagrees with many of the legal arguments in the judgment. These conclusions go against an effective financial restructuring in the context of the Companies' Creditors Arrangement Act. The support of seniors in maintaining an active and healthy life will be our priority during this restructuring process. We remind everyone that this process will have no impact on the services offered in our complexes." 

?? Réal Bouclin, Founding President and Chief Executive Officer, Groupe Sélection 

About Groupe Sélection 

Groupe Sélection is a Canadian leader in the creation and management of living environments where generations can come together and thrive. Amidst more than 30 years of unprecedented growth, Groupe Sélection has become the largest private retirement complex developer in the country. Groupe Sélection innovates through an avant-garde intergenerational vision and unique vertically integrated structure. These assets are the pillars of its geographic expansion and the diversification of its real estate products which target young people, families and retirees. Groupe Sélection currently has more than 50 residential complexes in operation, under construction and in development in Canada and the United States and the value of its assets exceeds $4 billion. Groupe Sélection, whose head office is in Laval, Quebec, employs more than 5,000 people who work every day for the well-being of some 15,000 customers whose exceptional satisfaction rate reaches 95%. 

SOURCE Groupe Sélection