Adventus Group

Adventus Group entities filed assignments in bankruptcy on July 21, 2023 under section 49(1) of the Bankruptcy and Insolvency Act at Vancouver, British Columbia, with FTI Consulting Canada Inc. as Trustee under files 11-2967950, 11-2967951 and 11-2967952. The filings followed petitions for bankruptcy orders served on Adventus Realty Trust on July 13, 2023 by two holders of its unsecured debentures. Grofondi Inc. is owed an estimated $51.6 million by ART as at the date of bankruptcy under a July 20, 2021 general security agreement over all present and after-acquired property other than the ARCH Limited Partnership Interest, advanced under a $50 million non-revolving facility; MNP Ltd. was appointed private receiver on July 28, 2023. Known unsecured claims against ART total $54.6 million — $17.4 million held by debenture holders and $37.2 million in affiliate inter-company claims — apart from Grofondi's estimated $48.3 million deficiency claim. The estates remain active.