Med-Chem Health Care Limited was a leading Canadian diagnostic services business providing laboratory testing and medical imaging services in Ontario. Tests include blood chemistry analysis, urinalysis, hematology, microbiology and drug and HIV screening. Med-Chem was a publicly listed company, trading on the TSX.
As a result of actions of a secured creditor, Med-Chem sought protection under CCAA. NewPoint was engaged as exclusive financial advisor by the Board of Directors of Med-Chem to assist with a financial restructuring of the Company. NewPoint officers sat on the Restructuring Committee and on the Board of Directors.
NewPoint played a key role in surfacing value within the Company and the eventual sale of this financially distressed Company for more than $100 million, which exceeded the claims and expectations of all secured and unsecured creditors.