Devonshire Trust (Metcalfe & Mansfield Alternative Investment VII Corp.)

Devonshire Trust has been under CCAA protection in the Ontario Superior Court of Justice (Commercial List) since June 27, 2014, on an application by Metcalfe & Mansfield Alternative Investments VII Corp., the conduit's issuer trustee, under court file CV-14-10609-00CL. Deloitte Restructuring Inc. is monitor. Unaudited figures for the conduit as at June 1, 2014 show total assets of $745,264,742 against liabilities of $766,903,014, a deficit of $21,638,272, with assets including contingent Barclays settlement amounts payable only on implementation of the proposed Plan. Liabilities include $513,931,389 of commercial paper, $165,000,000 of floating-rate notes and $87,801,093 of accrued interest. Barclays Bank PLC, holder of perfected security and the swap counterparty, subordinated its security under the Settlement Agreement, and its claims against the CCAA Parties are to be compromised and extinguished under the Plan. Noteholders include Caisse de Dépôt et Placement du Québec, holding approximately $385,000,000 in face value. The proceeding remains active.