In February 2018, the Savard Group (Gestion Savard) was indebted to Essilor Group Canada Inc., their primary secured creditor and primary supplier of lenses, for approximatively $25 million and liquidated their company as a restructuring could not be achieved through CCAA proceedings. The Savard Group, a group operating a large network optometry clinics in Quebec and Ontario generating annual revenues of approximately $25 million, ultimately sold-off the majority of its clinics pursuant to a Court approved sales process. The remaining stores were closed.
The clinics were operated under the La Vue and Laurier Optical banner. There was also franchise network under which 12 franchisees operated under the Laurier Ontario banner.
The CCAA proceeding was unique as Mr. Éric Savard, a director and sole shareholder of the Savard Group, was removed from office as director as the Court was satisfied that he was unreasonable impairing the CCAA proceeding and acting inappropriately as director in the circumstances. The Monitor was given enhanced powers, namely to act in place of Mr. Savard. These powers were akin to the powers of a Receiver.
A Fasken team including Alain Riendeau, Brandon Farber, Marc-André Morin, Svetlana Samochkine, Marie-Josée Neveu, Mathieu Gagné and Vincent Cérat Lagana acted for Essilor in connection with this matter.
The clinics were operated under the La Vue and Laurier Optical banner. There was also franchise network under which 12 franchisees operated under the Laurier Ontario banner.
The CCAA proceeding was unique as Mr. Éric Savard, a director and sole shareholder of the Savard Group, was removed from office as director as the Court was satisfied that he was unreasonable impairing the CCAA proceeding and acting inappropriately as director in the circumstances. The Monitor was given enhanced powers, namely to act in place of Mr. Savard. These powers were akin to the powers of a Receiver.
A Fasken team including Alain Riendeau, Brandon Farber, Marc-André Morin, Svetlana Samochkine, Marie-Josée Neveu, Mathieu Gagné and Vincent Cérat Lagana acted for Essilor in connection with this matter.
