An important part of the future of the Groupe Sélection, which is in serious financial difficulties, is likely to be executed today, on the third day of hearings for this exceptional case before the Quebec Supreme Court.
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On Monday, Quebec’s largest homeowner of elderly homes, led by businessman Real Poquelin, was granted a court order to turn to… Corporate Creditors Arrangement Act (CCAA), it’s time to rectify its financial situation.
However, the past few days have made it possible to realize how much the bad relations that the real estate tycoon has with his lenders, all secured creditors, today frustrate the businessman’s plans.
Thus, if no one opposes the idea that the company – on the verge of bankruptcy – wants to restructure its activities, a group of financial institutions – represented by the National Bank of Canada (BNC) – strongly opposes the company to restructure its activities according to the terms proposed by the latter.
“As is often the case in a situation like this, two diametrically opposed visions confront each other,” summed up a source familiar with the matter. Real Bucklin proposes, among other things, the services of FTI Consulting as controller and the temporary financing of entrepreneur Herbert Black, whom La Presse recently described as a “scrap metal tycoon”.
princely way of life
On the other hand, the prosecutors of the banking syndicate (which, in addition to BNC, includes Desjardins, BMO, CIBC Bank, TD Bank, HSBC Bank, Fiera and Briva Finance) for their part requested control from Groupe Selection to PricewaterhouseCoopers. The latter will act as an agent for the lenders and will see, through the sale of Groupe Sélection assets, pay off tens of millions of dollars in debt that they risk, they fear, never to be recovered.
In support of its approach, Banks says it has lost faith in Real Bucklin — the ex-wife of businesswoman Caroline Nero — who accuses, among other things, of a princely lifestyle, paying for your use of cash from your business.
We must remember the company that has benefited the most from the assistance ($120 million) from the Program of Coordinated Action (PACTE) that Quebec created during the pandemic.
It was enough for the matter to go beyond the limits of the Montreal court. On Twitter, Gabriel Nadeau Dubois, president of Quebec Solidere, went there with the following message: “While the elderly in Quebec are getting poorer, Réal Poquelin travels on a private jet and spoils his family with millions of dollars a month. When are we going to clamp down on those who enrich themselves?” On the backs of adults?
Hearings before Judge Michel Pinsault are scheduled to resume this morning. Both parties are hopeful that the decision will be delivered today, once the arguments have concluded.
– In collaboration with Michael Nguyen, Ian Gem and Marie-Christine Trottier, Bureau of Investigation
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