ELNA Medical obtains protection from creditors

MONTREAL – ELNA Medical Group announced that the Québec Superior Court has granted the company’s application for an initial order under the Companies’ Creditors Arrangement Act as it seeks to restructure.

The Initial Order appointed Raymond Chabot Inc. as monitor and authorized debtor-in-possession financing provided by the National Bank of Canada to allow the company to provide the stability required to continue its operations, while pursuing its restructuring efforts under the CCAA proceedings.

ELNA also received Court approval of a sale and investment solicitation process to be conducted by ELNA, under the oversight of the Monitor and with the assistance of Raymond Chabot Grant Thornton & Co. LLP, in accordance with the terms therein.

The SISP is intended to solicit interest in, and opportunities for, a sale of, or investment in, all or part of the assets and business segments of the company, with the goal of maximizing value for the company and its stakeholders.

“By filing for protection under the Companies’ Creditors Arrangement Act, ELNA Medical Group is proactively addressing its liquidity challenges, strengthening its financial stability, and ensuring uninterrupted care for our valued physicians, healthcare professionals, and patients. This decision reflects our commitment to improving access to quality care while delivering an exceptional experience. We are confident that this restructuring will enhance our ability to innovate, accelerate the transformation of the healthcare sector, and ensure sustainable growth for long-term success,” said Laurent Amram (pictured), president and founder of ELNA Medical Group.

In order to participate in the SISP and obtain a copy of the confidential information memorandum as well as access to the virtual data room, all interested parties must comply with the terms and conditions set forth in the SISP Guidelines, a copy of which is available on the Monitor’s website at: https://www.raymondchabot.com/en/companies/public-records/groupe-elna/

About ELNA Medical Group
ELNA Medical Group is Canada’s largest network of medical clinics and diagnostic laboratories, focused on revolutionizing healthcare, patient and doctor experience. With over 100 clinics and points of care, over 1,000 physicians, and serving more than 3 million Canadians, ELNA is transforming the future of healthcare delivery and continuity of care by building a fully integrated omnichannel ecosystem, to better serve our patients in our clinics, virtually and in-home, the company said. Striving to improve patient outcomes and optimize access to high quality healthcare, ELNA provides unparalleled support to healthcare professionals within its modern clinics by leveraging cutting-edge AI technologies and strategic partnerships with global healthcare leaders. ELNA complements its vast offering of over 500 medical services with access to diagnostic services, through its subsidiary CDL Laboratories, a leader in medical testing for over three decades. For more information, visit: elnamedical.com