Syncordia Technologies and Health Solutions (TSX-V: SYN)

Syncordia Technologies and Health Solutions (TSX-V: SYN), a Toronto, Ontario-based investment firm focused on acquisitions and investments in the US healthcare space, was placed in receivership on April 6 on application by Deans Knight Capital Management, owed, along with certain other noteholders, approximately USD $14.3MM. Due to a decrease in cash flow from its portfolio companies, Syncordia has been unable to service its debt. Waivers were obtained through 2016 and 2017. Pursuant to these waivers, the company was required to divest of certain of its investments to pay down its debt. These divestitures were not completed and in April 2018 the noteholders demanded repayment. Grant Thornton was appointed receiver. Counsel is Cassels Brock for the applicant.