Quebec · CCAA
2025-07-18 - Demande pour différentes ordonnances (en anglais)
Application / notice of application · 18 July 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing4 verified
- secured creditorsnote: EMG Indebtedness under EMG Credit Agreement; plus per diem of $5,783.05; approx. $33M stated as of Initial Application (Dec 2024), superseded by dated statement of account as at July 17, 2025 · page: 11 · as of: 2025-07-17 · amount: 31437250.42 · debtor: Elna Medical Group Inc. (EMG) · creditor: National Bank of Canada (NBC) · currency: CAD · security: First ranking movable hypothecs/general security agreements over universality of present and future movable property of EMG and EMG Guarantors, principal amount $75,000,000, ranking pari passu with m-Health Credit Agreement security; pledge of EMG shares; guarantees including personal guarantee of Laurent Amram
- secured creditorsnote: m-Health Indebtedness under m-Health Credit Agreement; plus per diem of $2,720.67; approx. $10.6M stated as of Initial Application (Dec 2024), superseded by dated statement of account as at July 17, 2025; combined NBC Borrowers total approx. $43.6M as of Initial Application date · page: 13 · as of: 2025-07-17 · amount: 11158555.37 · debtor: m-Health Solutions Inc. · creditor: National Bank of Canada (NBC) · currency: CAD · security: First ranking (other than 950 Canada) movable hypothecs/general security agreements over universality of present and future movable property of m-Health and m-Health Guarantors, principal amount $25,000,000, ranking pari passu with EMG Credit Agreement security; pledge of m-Health shares; guarantees including personal guarantee of Laurent Amram; NBC also holds third-ranking security on m-Health assets under EMG Credit Agreement
- secured creditorsnote: Updated statement of account dated July 16, 2025, with per diem $3,226.61 (later segregated per diem at 11%/13% on July 17, 2025). Comprises capital, interest, default interest, management fees, and premium under Section 4 of Norea Loan Agreement. Original principal was approx. $6,148,000. Monitor recognizes only $8,320,597.78 as payable under protest (capital, interest at 11%, and management fees); remaining $354,074.87+$8,013.72 default interest and $1,412,880 EBITDA premium disputed and subject to $2,000,000 distribution reserve and pending court determination on collocation. Legal opinion on security validity based solely on documents received March 2025, no opinion on rank or quantum. · page: 16 · as of: 2025-07-11 · amount: 10095566.37 · debtor: m-Health Solutions Inc. · creditor: Norea Capital Inc. (formerly Fonds Croissance PME Banque Nationale S.E.C.) · currency: CAD · security: General security agreement (Ontario law) and movable hypothec (Québec law) granted by m-Health in favour of Norea; second ranking secured creditor of m-Health
- recovery outcomeentries: basis: unstated · quote: Finally, NBC's indebtedness is secured by the assets of all of the Applicants and, under any circumstances, NBC will not be repaid in full from the proceeds of the CCAA Transactions (even after adding the proceeds of the sale of the EMG Shares, if any). · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: NBC · creditor name: NBC · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: As such, under any allocation, no amounts will be available to other subordinate (other than Norea, as the case may be, pursuant to its payment under protest as part of the proposed distribution order and any other payment out of the Norea Claim Reserve, as further detailed hereunder) or unsecured creditors, the Monitor respectfully submits that a proposed allocation exercise between Applicant entities is not justified nor required in the present circumstances, notwithstanding paragraphs 28 and following of the Sixth ARIO (as they may be amended or restated). · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: other subordinate or unsecured creditors · interim final: unstated · conditional on: other than Norea, as the case may be, pursuant to its payment under protest as part of the proposed distribution order and any other payment out of the Norea Claim Reserve · claims qualifier: unstated · table missing: