SRx Health starts restructuring proceedings under CCAA for Canadian subsidiary

SRx Health (SRXH) Solutions announced that its subsidiary, SRx Health Solutions Canada and certain of its subsidiaries has sought creditor protection in Canada under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended from the Supreme Court of Ontario. The decision to seek creditor protection was made in the best interest of its stakeholders after careful evaluation of SRx Canada’s financial situation and all available alternatives following consultation with its legal and financial advisors. In the CCAA Proceedings, SRx Canada will seek to obtain a stay of proceedings and the approval of debtor-in-possession financing. The stay of proceedings and DIP Financing are intended to provide SRx Canada with the time and stability required to consider potential restructuring transactions and maximize the value of its assets for the benefit of its stakeholders, which may include the sale of all or substantially all of the business or assets of SRx Canada through a Court-supervised sales process. The Company intends to carry on the critical aspects of the business of SRx Canada throughout the pendency of the CCAA Proceedings. The Company anticipates that neither it nor any of its United States assets, including its subsidiary Halo, Purely For Pets, Inc., will be affected by the CCAA Proceedings and no United States bankruptcy proceedings will be commenced.