Implementation of a Sale and Investment Solicitation Process ("SISP") for certain assets of Groupe Sélection

MONTREAL, April 8, 2023 /CNW/ - PricewaterhouseCoopers Inc. (the "Monitor") obtained an order from the Superior Court of Québec on March 24, 2023, approving the implementation of a Sale and Investment Solicitation Process ("SISP") for certain assets of Groupe Sélection (the "Company") through its advisor PricewaterhouseCoopers Corporate Finance LLC (the "SISP Advisor").

Thus, under the SISP, the Monitor solicits bids for and on behalf of the Company for an investment or investments in, or the purchase of, some or all of the Company's assets.  The purpose of the SISP is to generate interest in a restructuring of GS, or in the business or its assets, in order to maximize the return on GS's assets and potentially lay the foundation for a plan of compromise or arrangement for all Group Sélection stakeholders.

The Company's management has also prepared a recovery plan that it may be able to share with interested parties.

The SISP proceedings commenced on March 31, 2023, with the issuance of a solicitation letter to potentially interested parties. The deadline for submission of non-binding letters of intent by qualified bidders is April 28, 2023, with a target transaction closing date of no later than July 31, 2023. Interested parties wishing to obtain more information on the SISP procedures may visit the Monitor's website: www.pwc.com/ca/groupeselection  

For any information regarding the SISP, please contact the SISP Adviser to the attention of Frederic Bouchard ([email protected]) or Eric Lemay ([email protected]).

For any information regarding the CCAA process, please contact the Monitor, Mr. Christian Bourque ([email protected]).

SOURCE PwC Management Services LP

Chiara Battaglia, 514-833-3337, [email protected]