Despite his silence in recent months, Réal Bouclin does not intend to let Groupe Sélection be dismantled without making one last attempt to regain control.
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In a letter addressed to the National Bank and PricewaterhouseCoopers (PwC), and of which The newspaper obtained a copy, the Laval businessman claims to be preparing the filing of a global proposal that would meet “the best interests of all parties”.
“In the coming weeks (…), it is written, we plan to present to you a constructive overall solution which takes into account the best interests of the parties involved in the restructuring process, as well as our residents, our employees and the rest of our stakeholders”.
Sale process started
This letter, signed by Réal Bouclin, dates from February 20. It comes as PwC is due to present this Wednesday before Judge Michel A. Pinsonnault, of the Superior Court, its fourth controller’s report.
In this document of just over twenty pages, controller Christian Bourque argues that the time has now come to launch a formal process of sale or investment solicitation.
“This, it is said, to optimize the chances of recovering the best value for the property of the parties (…) or to find an investor likely to facilitate the restructuring.”
Few clues in sight
Despite our efforts, it was not possible to speak with Réal Bouclin. Moreover, the letter sent gives few clues as to the type of “constructive overall solution” envisaged by its author.
At most, Réal Bouclin affirms that he is “working closely” with RBC Capital Markets to “evaluate and implement” the options allowing Sélection “to pursue its essential mission” and to negotiate on its behalf “with financial partners and other stakeholders in the restructuring process”.
The names of these partners are not mentioned. However, the businessman speaks of “significant progress” “with serious financial partners who have the means to support the operations of GS [Groupe Sélection] in the short, medium and long term”.
Preserve its strategic assets
“Our main objective, he continues, is to allow GS [Groupe Sélection] to emerge from the restructuring process in good financial health, while preserving its strategic assets and activities, including in particular a significant part of its construction, development and management operations.”
In addition to the controller, the missive from the founder of Groupe Sélection is personally addressed to two members of the management of the National Bank (BN), namely Dana Ades-Landy and Caroline Podsiadlo.
It will be remembered that the BN led the banking syndicate which, in November, militated against the management of Selection for the involvement of PwC in the file. A copy of this letter was also sent to the main law firms involved in the file, as well as to Investissement Québec.