Aspire Food Group Ltd. et al.

Aspire Food Group Ltd. and affiliated debtors Aspire Food Group Canada Ltd., 11850407 Canada Inc. and 8679398 Canada Inc. were placed in court-appointed receivership in Ontario on May 6, 2025 under BIA s. 243 and provincial Judicature Act authority; the proceeding is recorded as closed. The driving claim is that of Farm Credit Canada, first-ranking secured creditor under a June 27, 2022 credit agreement as amended and restated on June 20, 2024, comprising a $37,000,000 real property loan and a $10,000,000 variable rate mortgage loan, of which $4,146,817.16 of the first $5,000,000 tranche was advanced and the second tranche cancelled. FCC's exposure was $41,468,672.29 as at January 17, 2025 and approximately $44.1 million as at August 31, 2025, exclusive of roughly $220,000 in accruing interest, professional fees and disbursements, and including borrowings under the Receiver's Certificate. Its security includes a first mortgage over 2450 Innovation Drive, London, Ontario, general security over each borrower's personal property, and an unlimited secured guarantee from Aspire Food Group USA, Inc.