2607380 Ontario Inc.

2607380 Ontario Inc. was placed in court-appointed receivership in the Ontario Superior Court of Justice on March 18, 2021, under BIA s. 243 and provincial Judicature Act authority. The proceeding is closed. Meridian Credit Union Limited was the principal secured creditor, owed approximately $7.2 million under a DIP Credit Facility Agreement dated March 3, 2020 and amended three times through November 18, 2020, secured by a DIP charge over the Nuvo Property ranking ahead of all claims except the administrative charge under the CCAA Initial Order, and approximately $18.5 million of pre-CCAA indebtedness secured by a $23,000,000 first-ranking charge registered March 26, 2018 and a January 31, 2018 general security agreement. Both facilities were in default and the statutory BIA notice period had expired. CCCI and Bridging held second- and third-ranking charges over the Nuvo Property in registered principal amounts of $4,500,000 and $3,250,000, each subject to an intercreditor agreement confirming Meridian's priority.