TORONTO, March 29, 2025 /CNW/ - Richter Inc., in its capacity as court-appointed monitor (in such capacity, the "Monitor") of Synaptive Medical Inc., ("Synaptive" or "Company") pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA"), is conducting a sale and investment solicitation process (the "SISP") in respect of the Company. The SISP is intended to solicit interest in and opportunities for executable transactions involving the Company's properties, assets and undertakings (collectively, the "Property"), which includes the products of the Company (the "Products") and/or its business operations (the "Business") including, without limitation, a sale of or investment in the Business, Property and/or shares of the Company and/or a reorganization, recapitalization, primary equity issuance or other similar transaction.
On March 19, 2025, the Ontario Superior Court of Justice (Commercial List) (the "Court") issued an Initial Order pursuant to the CCAA in respect of the Company (as amended or amended and restated from time to time, the "Initial Order").
Pursuant to an Order effective March 28, 2025 (the "SISP Approval Order"), the Court approved the SISP to be conducted in respect of the Business and Property of the Company in accordance with the procedures, terms and conditions set forth therein (the "SISP Procedures"). The SISP Procedures set out a two-phase process with key milestones. Interested parties are encouraged to submit offers based on any form of transaction that they may elect to advance pursuant to the SISP.
All interested parties who wish to submit a bid must deliver to the Monitor an executed non-disclosure agreement in accordance with the SISP. Interested parties who wish to submit a bid must deliver a non-binding letter of interest in accordance with the SISP to the Monitor by no later than 5:00 p.m. (Toronto time) on April 30, 2025. All parties who submitted non-binding letters of interest and who are deemed qualified to continue in the SISP and who wish to make a binding offer must deliver a binding bid in accordance with the SISP to the Monitor by no later than 5:00 p.m. (Toronto time) on May 16, 2025.
Interested parties should refer to the SISP Procedures for information pertaining to other important deadlines and processes thereunder. The deadlines set forth in the SISP Procedures may be changed by the Monitor, in consultation with the Company and with the prior written consent of Export Development Canada (in such capacity, the "DIP Lender"). The Monitor is under no obligation to accept the highest bid or any bid submitted in the SISP, nor shall the Monitor, the Company, or the DIP Lender have any liability or obligation whatsoever to any person or party for any act or omission related to the process contemplated by the SISP Procedures.
Copies of the Initial Order, the Amended and Restated Initial Order, the SISP Approval Order, and related materials may be obtained from the website of the Monitor at: https://www.richter.ca/insolvencycase/synaptive-medical-inc/.
About Synaptive Medical Inc.
Synaptive Medical Inc. is a Canadian-grown, Toronto-based privately held medical device and technology company specializing in neuroimaging and precision intervention. The Company focuses on developing cutting-edge neurosurgical and imaging products that provide a complete neurosurgery solution—from pre-operative imaging, planning and diagnosis to surgical interventions and post-operative care. For more information about the Company, visit https://www.synaptivemedical.com/.
SOURCE Richter
Those who are interested in participating in the SISP can contact the Monitor to receive additional information at: Richter Inc., Bay Wellington Tower, 181 Bay Street #3510, Toronto, ON M5J 2T3, Attention: Karen Kimel [email protected]
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