SOLICITATION FOR OFFERS - MANITOBA CLINIC MEDICAL CORPORATION THE MANITOBA CLINIC HOLDING CO. LTD. (collectively, the "Companies" or the "Manitoba Clinic")

CALGARY, AB, May 4, 2023 /CNW/ - On November 30, 2022, the Companies commenced proceedings under the Companies' Creditors Arrangement Act, RSC 1985, c. C-36, as amended (the "CCAA") in the Court of King's Bench of Manitoba (the "Court") and were granted an order (the "Initial Order") protecting the Companies from its creditors. On December 1, 2022 the Court granted an order (the "Amended and Restated Initial Order") pursuant to the CCAA. Alvarez & Marsal Canada Inc. (the "Monitor") is the court-appointed monitor in the CCAA proceedings.

The Manitoba Clinic is a large private health care clinic in Winnipeg, MB, and is comprised of two related corporations, Manitoba Clinic Medical Corporation ("Medco"), and The Manitoba Clinic Holding Co. Ltd. ("Realco"). Medco operates as a multi-specialty clinic located in downtown Winnipeg that offers a diverse range of healthcare services, including onsite treatment rooms, sterilization and a X-ray facility. Medco also owns 33% of LibreMD, a certified electronic medical records system. Realco holds title to the 10-story, 232,000 square foot, state of the art medical center from which the clinic operates (the "Facility").

On April 21, 2023, the Court granted an order (the "SISP Order"), authorizing the Monitor to conduct a Sale and Investment Solicitation Process (the "SISP"). The SISP is intended to solicit interest in and opportunities for a sale of, or investment in, all or part of the Companies' assets and business operations. A potential transaction with the Companies may involve one or more of a restructuring, recapitalization or other form of reorganization of the business and affairs of the Companies as a going concern (each an "Investment Bid"), an offer to purchase some or all of the business or assets of Medco or Realco (each an "Asset Bid") or some combination thereof (each a "Hybrid Bid"). The SISP is being conducted in accordance with the procedures set out in the SISP Order, which is posted on the Monitor's website: www.alvarezandmarsal.com/manitobaclinic.

Interested parties who wish to pursue a transaction and receive additional diligence materials will be required to sign a confidentiality agreement, which can be obtained by contacting the Monitor at the emails noted below.

Parties interested in the Facility may contact Cushman directly ([email protected]; 204-999-1238).

As per the SISP, non-binding letters of intent must be submitted no later than 5:00pm CST on June 9, 2023 (Phase 1 Bid Deadline).

SOURCE Alvarez & Marsal Canada ULC