Agility Health Announces Demand by Lender and Notice of Intention to Enforce Security

Agility Health (TSXV:AHI) a provider of orthotics, prosthetics and foot care services in Canada, today reported that its lender, the Royal Bank of Canada, has made demand upon Ontario Orthotic Lab, a subsidiary of Agility Health’s principal operating subsidiary, Medic Holdings, for payment in full of its $3.8 million debt.

As quoted in the press release:

In addition, the Lenders have provided OOLab with a Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada).  The Lender will not be in a position to enforce its security until ten days from November 21, 2018.

“We are actively discussing possible solutions with the Lender and remain hopeful we can quickly reach an agreement on a plan that will allow the Company to continue operations,” said Wayne Cockburn, Interim CEO at Agility Health.  There is no assurance that the Company will come to terms with the Lender to avoid the imposition of a receiver.  The Company will issue timely updates on the status of its negotiations with the Lender.

Click here to read the full press release.