Synaptive Medical Inc., a Toronto-based medical device and technology company specializing in neuro-imaging and precision intervention, obtained protection under the Companies' Creditors Arrangement Act (CCAA) on March 19, 2025. The company reported secured debt totaling approximately US$104 million, including around $54.8 million owed to senior secured creditor Export Development Canada (EDC).

The company faced significant financial difficulties, driven by high R&D costs, maintenance of its intellectual property portfolio, and expenses related to its sizable workforce. Sales revenue failed to keep pace with expenses, and the situation was further exacerbated by market uncertainties related to potential US tariffs, impacting the company’s largest market. Synaptive made various attempts over the past two years to stabilize its financial position, including seeking fresh capital, negotiating with creditors, conducting temporary layoffs of nearly 150 employees, and engaging in a lengthy pre-filing investment solicitation process (SISP), but these efforts were unsuccessful.

In the CCAA proceedings, EDC agreed to provide a debtor-in-possession (DIP) loan to support the company through the restructuring process. Richter was appointed as the monitor. Legal counsel involved includes Torys LLP for Synaptive Medical, McMillan LLP for the monitor, and Fasken LLP for EDC.