2668979 Ontario Inc.

2668979 Ontario Inc. has been under court-appointed receivership since December 16, 2025, on the application of Royal Bank of Canada under s. 243(1) of the BIA. RBC's demand letters and notice of intention to enforce security dated September 24, 2025 put the indebtedness at $9,618,741.28 as at September 16, 2025, comprising non-revolving term facility principal of $8,745,278.04 plus accrued interest of $191,890.94, and an LC facility of $681,572.30; a further approximately $221,948.34 in interest arrears was noted as of October 7, 2025. RBC holds a charge/mortgage of land on 355 North Street, Newcastle, Ontario registered for a principal of $18,600,000, a November 14, 2022 general security agreement, an assignment of rights under agreements of purchase and sale, and a cash collateral agreement. Construction lien claims by Base-Ex Inc. and Basecrete Inc. were vacated against the Remaining Units and the 18 Marret Lane unit in exchange for the Receiver reserving $300,000 of estate funds as security, pending further agreement or court order.