Quebec · CCAA
2025-07-22 Septième rapport du Contrôleur (en anglais)
Court officer report · 22 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 filing12 verified
- secured creditorsnote: Claim amount per proposed distribution table (in thousands, converted); comprised of capital, interest at 11%, and management fees at 0.75% of original loan amount of $6,148,000 plus taxes; additional disputed amounts of default interest ($354,074.87 + $8,013.72) and EBITDA premium ($1,412,880) not included in this figure and subject to $2 million reserve pending determination; payment made under protest · page: 13 · as of: as reflected in proposed distribution table · amount: 10096000 · debtor: m-Health · creditor: Norea · currency: CAD · security: Second ranking secured creditor of m-Health
- secured creditorsnote: Stated claim amount per proposed distribution table (in thousands, converted); NBC will not be repaid in full from CCAA Transaction proceeds even including EMG Shares proceeds · page: 13 · as of: as reflected in proposed distribution table · amount: 42505000 · debtor: Medicentres, m-Health, Privamed, CDL, Québec Clinics (EMG group) · creditor: National Bank of Canada (NBC) · currency: CAD · security: First ranking secured creditor of Medicentres, m-Health, Privamed, CDL and the Québec Clinics; also DIP lender
- secured creditorsnote: DIP facility increased over time up to $8.0M; DIP Charge increased up to $9.6M; already reimbursed as reflected in distribution table · page: 13 · as of: already reimbursed - capital amount only · amount: 8000000 · debtor: Applicants · creditor: DIP Lender (National Bank of Canada) · currency: CAD · security: DIP Charge
- unsecured creditorsnote: Aggregate physician claims; no individual creditors named · page: 13 · as of: as reflected in proposed distribution table · basis: Reported in Monitor's proposed distribution table · amount: 333000 · debtor: Medicentres · creditor: Physicians (Medicentres) · currency: CAD
- unsecured creditorsnote: Aggregate of Medicentres ($1,600,000) and Privamed ($345,000) rent arrears; no individual creditors named · page: 13 · as of: as reflected in proposed distribution table · basis: Reported in Monitor's proposed distribution table as payments made/to be made pursuant to applicable APA/SPA · amount: 1945000 · debtor: Medicentres and Privamed · creditor: Rent arrears (Medicentres and Privamed landlords) · currency: CAD
- unsecured creditorsnote: Aggregate of trade supplier payments across Medicentres ($1,081,000), m-Health ($11,000), Privamed ($49,000); no individual creditors named · page: 13 · as of: as reflected in proposed distribution table · basis: Reported in Monitor's proposed distribution table · amount: 1140000 · debtor: Medicentres, m-Health, Privamed · creditor: Trade suppliers (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred/priority claim (BIA s.81.3, up to $2,000 per employee) for unpaid vacation pay; reserve estimate, not yet finalized · page: 15 · as of: 2025-07-22 (Seventh Report date) · basis: Monitor's proposed reserve for potential priority claims under Section 81.3 BIA · amount: 150000 · debtor: Applicants · creditor: Employees - salary and vacation pay (priority claims) · currency: CAD
- unsecured creditorsnote: Preferred/priority claim relating to source deductions (DAS); no official claim yet received, amount is an estimated reserve; Revenu Québec confirmed reserve amount sufficient · page: 15 · as of: 2025-07-22 (Seventh Report date) · basis: Monitor's proposed reserve based on unofficial working sheets from Revenu Québec · amount: 250000 · debtor: Applicants · creditor: Tax authorities (Revenu Québec / Canada Revenue Agency) - potential priority claims · currency: CAD
- closing confirmedscope: the m-Health Transaction · outcome: completed · effective: 2025-06-16 · date basis: stated; scope: the Privamed Transaction · outcome: completed · effective: 2025-06-11 · date basis: stated; scope: the Clinics Transaction and the CDL Transaction · outcome: completed · date basis: unstated
- purchaserprice: sealed: false · scope: m-Health Transaction · status: closed · name note: purchaser of the m-Health transaction, unnamed in this report · structure: assets · name source: recital · relationship: unstated; price: sealed: false · scope: Privamed Transaction · status: closed · name note: purchaser of the Privamed transaction, unnamed in this report · structure: assets · name source: recital · relationship: unstated; price: sealed: false · scope: Clinics Transaction · status: closed · name note: purchaser of the Clinics Transaction (Québec Remaining Clinics), unnamed in this report · structure: assets · name source: recital · relationship: unstated; price: sealed: false · scope: CDL Transaction · status: closed · name note: purchaser of the CDL Transaction, unnamed in this report · structure: assets · name source: recital · relationship: unstated; price: sealed: false · scope: Medicentres transaction · status: closed · name note: purchaser of the Medicentres transaction, unnamed in this report · structure: subscription · name source: recital · relationship: unstated
- recovery outcomeentries: basis: unstated · quote: The proposed initial distribution provides a distribution of an amount of (i) approximately $23 million to NBC, as well as an amount of (ii) approximately $8.32 million to Norea (in capital, interest at 11% and management fees calculated at the rate of 0.75% of the original loan amount of $6,148,000, plus applicable taxes), which is paid under protest and under reserve and subject to a subsequent determination. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 23000000 · amount high: 23000000 · class label: National Bank of Canada (EMG / M-Health) · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The proposed initial distribution provides a distribution of an amount of (i) approximately $23 million to NBC, as well as an amount of (ii) approximately $8.32 million to Norea (in capital, interest at 11% and management fees calculated at the rate of 0.75% of the original loan amount of $6,148,000, plus applicable taxes), which is paid under protest and under reserve and subject to a subsequent determination. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 8320000 · amount high: 8320000 · class label: Norea (M-Health) · creditor name: Norea · interim final: unstated · conditional on: paid under protest and under reserve and subject to a subsequent determination · claims qualifier: unstated; basis: unstated · quote: As such, under any allocation, no amounts will be available to other subordinate creditors (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. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: other subordinate creditors or unsecured creditors · interim final: unstated · claims qualifier: unstated; 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: National Bank of Canada · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated · stated on: 2025-07-22 · table missing:
- sale outcometext: Given the closing of all the previously approved transactions... the SISP has now come to its conclusion · scope: whole_business · status: closed