Westphalia Dev. Corp.

Westphalia Dev. Corp., an Alberta company whose principal asset is its shareholding in wholly-owned subsidiary Walton Westphalia Development (USA), LLC, commenced CCAA proceedings on January 14, 2025. The record is now closed. Audited consolidated IFRS statements as at December 31, 2023 showed total assets of $56,869,748 against total liabilities of $82,034,995. On a non-consolidated basis, WDC reported total assets of $47,635,592 at the same date, comprised primarily of the US subsidiary shareholding and accounts receivable, with amounts due to WGIL and WAM of $6,782,365. Secured debt sits at the subsidiary level: WWMN, LLC held a first priority lien on the Property for $52,791,511, WTCF, LLC a second priority lien for $12,609,568, and MCFI Global Fund Westphalia, LLC a third priority lien for $7,906,015, each as of December 31, 2024.