2270613 Ontario Inc.

2270613 Ontario Inc. was placed in court-appointed receivership on February 6, 2018 in the Ontario Superior Court of Justice under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority, alongside 2284649 Ontario Inc. and 2270613 Limited Partnership. The principal secured claim is that of China Machinery Engineering Corporation, secured by a June 9, 2014 loan agreement and a mortgage registered the same day; CMEC claimed approximately US$72 million as at May 2018 plus accruing interest and costs, while the Company put the figure at approximately US$54 million, with quantum referred to CMEC Debt Litigation by order dated May 7, 2018. More than a dozen construction liens are registered against 250, 252, 254 and 256 Phillip Street, the largest being Melloul-Blamey Construction's claim of $8,109,944.47. The Company's books recorded $23.7 million of unsecured debt at the date of the Receivership Order, including approximately $13 million owing to related parties. The proceeding is recorded as closed.