Despite his silence in recent months, Réal Bouclin has no intention of allowing Groupe Sélection to be disbanded without making a last-ditch effort to regain control.
• Also read: Groupe Sélection’s downsizing has begun to reduce its debt by more than a billion
In a letter addressed to the National Bank and PricewaterhouseCoopers (PwC), a copy of which was obtained by Le Journal, the Laval businessman confirms that he is preparing to submit a global proposal that would reflect “the best interests of all parties”.
“We are planning to present you with a constructive overall solution in the coming weeks (…), which will serve the interests of those involved in the renovation process as well as our residents, our employees and the rest of our stakeholders”.
Sales process started
This letter, signed by Réal Bouclin, is dated February 20th. It comes as PwC is scheduled to deliver its fourth controller report this Wednesday, Superior Court Judge Michel A. Pinsonnault.
In this document, just over twenty pages long, controller Christian Bourque argues that now is the time to initiate a formal sale or investment application process.
“This, it is said, is to optimize the chances of getting the best value for the parties’ property (…) or finding an investor who could facilitate the restructuring.”
Few clues in sight
Despite our best efforts, it was not possible to speak to Réal Bouclin. In addition, the letter sent gives only a few indications as to what kind of “constructive overall solution” the author is aiming for.
At most, Réal Bouclin affirms that he is “working closely” with RBC Capital Markets to “evaluate and implement” the options that will allow Sélection to “pursue its essential mission” and on its behalf “with financial partners and other stakeholders in the to negotiate restructuring”. Procedure”.
The names of these partners are not mentioned. However, the entrepreneur speaks of “significant progress” “with reputable financial partners who have the means to support GS’s businesses [Groupe Sélection] short, medium and long term”.
Preserve its strategic assets
“Our main goal, he continues, is to enable GS [Groupe Sélection] to emerge from the restructuring process in good financial shape while preserving its strategic assets and activities, including in particular a significant part of its construction, development and administrative activities.”
In addition to the controller, the letter from the founder of Groupe Sélection is addressed personally to two members of the Executive Board of the National Bank (BN), namely Dana Ades-Landy and Caroline Podsiadlo.
It is recalled that BN led the banking consortium that took action against Selection’s management in November over PwC’s involvement in the file. A copy of this letter was also sent to the main law firms involved in the filing, as well as to Investissement Québec.
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