In financial recovery, Groupe Sélection would see its residences for seniors (RPA) in Salaberry-de-Valleyfield and Rosemont escape it shortly.
The PwC controller in the Groupe Sélection financial recovery file asks the Court to authorize the sale of the Rosemont complex to its creditor. In the same breath, PwC is not opposed to Desjardins appointing a receiver in order to initiate a process of realization of assets with respect to the RPA Sélection Retraite Salaberry-de-Valleyfield.
The Rosemont complex is a property built in 3 mixed-use phases, comprising more than 600 housing units for seniors.
The auction process (SISP) triggered earlier did not generate any satisfactory offers for the Rosemont complex, the controller wrote in its 12th report. Creditor of the property, the Timbercreek project then presented an offer which was accepted by the comptroller. Terms were not disclosed.
Under this offer, the management of services for the elderly will be entrusted to the company Cogir. The same manager took over for the other residences that Groupe Sélection lost, namely those included in the Blackstone transaction and those in the Revera transaction.
The RPA Sélection Retraite Salaberry-de-Valleyfield has 223 units. Desjardins is its first-ranking creditor. The purchase offers filed previously did not provide for the full repayment of the debt. The lender requests the appointment of a receiver to be able to realize its guarantees. The Monitor does not oppose the request and recommends that the Court render the decision it deems appropriate in the circumstances.
The judge is due to hear the parties Friday, August 18 in the morning.
