Optima Medical Innovations Corp. and Toronto Poly Clinic Inc.

On December 12, 2023, by Order (the “Appointment Order“) of the Ontario Superior Court of Justice (Commercial List) (the “Court“), GlassRatner Restructuring Inc. (“GlassRatner“) was appointed as non-possessory receiver (in such capacity, the “Receiver“) without security, in respect of the assets, undertakings and properties acquired for, or used in relation to a business carried by Optima Medical Innovations Corp. (“OMIC“) and Toronto Poly Clinic Inc. (“TPCI“)(collectively, the “Companies“) pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the “BIA“) and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended (the “CJA“).

Relevant documents can be found below.

Sale Process

The Receiver has commenced a sale and investment solicitation process (“SISP“) for the business and property of the Companies. The Companies operate two medical, pain management and general wellness clinics in North York and Thornhill. The Court has also approved a stalking horse asset purchase agreement (the “Stalking Horse APA“) to serve as a floor for potential bids.

The deadline to submit a binding offer is 5:00PM EST on January 29, 2024.

Status Updates

On February 21, 2024, the Court issued an Order (the “Assignment, Approval and Vesting Order“) approving, among other things, the sale transaction contemplated by an asset purchase agreement between the Respondents and Canbwell Inc., dated November 30, 2023, as amended by an amending agreement to the asset purchase agreement dated February 21, 2024.

A copy of the Assignment, Approval and Vesting Order can be found below.

Creditor Inquiries

For creditor enquiries, please contact:

Geanina Schmidt
Associate | Restructuring
T: 437.294.4620
E: gschmidt@glassratner.com

The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.