Groupe Airmedic, the only private company in Québec dedicated to airborne and land medical assistance and transportation across the province for emergency situations, obtained CCAA protection on July 13. The application was brought by two secured creditors, and Deloitte was appointed Monitor and granted enhanced powers to act on behalf of Groupe Airmedic to maintain its going-concern operations and implement the contemplated restructuring. The insolvency of Groupe Airmedic was caused by its indebtedness (approximately $106 million, $65 million of which is secured) and the resulting pressure on its liquidity. The objective of the restructuring is to eventually conclude a transaction that will allow the business of Groupe Airmedic to continue as a going concern without interrupting operations. Deloitte is the Monitor, represented by Norton Rose Fulbright. McCarthy Is counsel to Laurentian Bank of Canada and Fiera. Osler is counsel to the companies.

By: Dina Milivojevic