Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 1 May 2026
What we verified from this filing14 verified
- secured creditorsnote: Related party - RioCan is limited partner of RioCan-HBC JV and its own second-mortgage lender; original facility (Ottawa Second Mortgage Financing) principal was $16,650,000 (Oct 3, 2024 credit agreement); outstanding amount approximate, inclusive of principal, interest and other fees/costs/expenses; matures October 2029 · page: 15 · as of: 2025-05-27 · amount: 14100000 · debtor: RioCan-HBC Limited Partnership / RioCan-HBC (Ottawa) Holdings Inc. · creditor: RioCan / RC Holdings II LP · currency: CAD · security: Second mortgage/charge on Ottawa property (subordinate to Desjardins first mortgage); charge granted by RioCan-HBC (Ottawa) Holdings Inc. in favour of RioCan Financial Services (as trustee of RC NA Trust, GP of RC Holdings LP); also secured by pledge of Ottawa LP units held by RioCan-HBC JV
- secured creditorsnote: Related party - RioCan affiliate as lender to its own JV; original facility (Georgian Mall Second Mortgage Financing) principal was $24,500,000 (Feb 12, 2024 credit agreement, amended March 25, 2024); outstanding amount approximate, inclusive of principal, interest and other fees/costs/expenses; matures February 12, 2029 · page: 15 · as of: 2025-05-27 · amount: 24100000 · debtor: RioCan-HBC Limited Partnership · creditor: RC Holdings II LP (RioCan affiliate) · currency: CAD · security: Second mortgage/charge on Georgian Mall co-ownership interest (subordinate to Desjardins first mortgage)
- secured creditorsnote: Related party; security securing RioCan's guarantee of the Yorkdale RBC Financing and other RioCan obligations; no separate outstanding balance stated · page: 16 · debtor: RioCan-Hudson's Bay JV · creditor: RioCan (affiliate) · currency: CAD · security: First-ranking charge on Devonshire Mall (Windsor) freehold property; second-ranking charge/hypothec on downtown Montreal freehold property; second-ranking charge on Oakville Place 50% co-ownership interest; pledges of YSS 1 units and Ottawa LP units held by RioCan-HBC JV
- financial positionnote: Figures relate to Hudson's Bay Company's Canadian operations, extracted from Exhibit A (Affidavit of Jennifer Bewley sworn March 7, 2025) filed with the Blasutti Affidavit; Total Liabilities figure appears on the following page (p.120) of the same table · page: 119 · as at: 2025-01-31 · basis: Estimated value of Hudson's Bay Canada's assets and liabilities; Hudson's Bay Canada does not have standalone financial statements for its Canadian business (management estimate per Bewley Affidavit sworn March 7, 2025) · scope: Hudson's Bay Canada (Canadian business only, entity-level estimate; not the RioCan-Hudson's Bay JV Entities that are respondents in this receivership application) · currency: CAD · total assets: 3725137000 · total liabilities: 3326527000
- secured creditorsnote: Yorkdale RBC Financing; RioCan's guarantee further secured by second-ranking charge/hypothec on Montreal freehold and second-ranking charge on Oakville Place co-ownership interest · page: 120 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 75000000 · debtor: RioCan-Hudson's Bay JV · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: First mortgage on leasehold interest in Yorkdale Shopping Centre; guaranteed by RioCan
- secured creditorsnote: BMO First Mortgage Financing; matures August 2025 · page: 121 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 105000000 · debtor: RioCan-Hudson's Bay JV · creditor: Bank of Montreal (as administrative agent) · currency: CAD · security: Security interest against Calgary freehold property and Carrefour Laval / Promenade St. Bruno leasehold interests ("BMO Secured Properties")
- secured creditorsnote: Montreal RBC First Priority Financing; original principal amount stated as $161,000,000 (Oct 3, 2022 amended and restated credit agreement); matures October 2025; Montreal freehold also further hypothecated to a RioCan affiliate as second priority security for RioCan's guarantee of the Yorkdale RBC Financing · page: 121 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 148291000 · debtor: RioCan-Hudson's Bay JV · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: First priority hypothec on Montreal freehold property
- secured creditorsnote: Oakville Place First Mortgage Financing; total facility stated as $87,400,000 secured against both 50% co-ownership interests; RioCan-Hudson's Bay JV personally guaranteed 50% of the financing; figure shown appears to reflect JV's attributable 50% share; matures around August 2025 · page: 121 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 43700000 · debtor: RioCan Holdings (Oakville Place) Inc. (title nominee/borrower) · creditor: The Toronto-Dominion Bank (TD) and The Canada Life Assurance Company · currency: CAD · security: First mortgage on Oakville Place shopping centre co-ownership interests
- secured creditorsnote: Georgian Mall First Mortgage Financing; total facility stated as $110,000,000 secured against both 50% co-ownership interests; RioCan-Hudson's Bay JV personally guaranteed 50% of the financing; figure shown appears to reflect JV's attributable 50% share · page: 121 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 54200000 · debtor: RioCan Holdings Inc. (nominee and bare trustee for both co-owners) · creditor: Desjardins Financial Security Life Assurance Company · currency: CAD · security: First mortgage on Georgian Mall shopping centre co-ownership interests
- secured creditorsnote: Vancouver HSBC First Mortgage Financing; credit agreement dated May 24, 2022; matures April 30, 2025 · page: 121 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 202000000 · debtor: RioCan-Hudson's Bay JV · creditor: HSBC Bank Canada (as syndicate agent; syndicate includes Canadian Western Bank, United Overseas Bank, Industrial & Commercial Bank of China (Canada)) · currency: CAD · security: First mortgage on Vancouver freehold property
- secured creditorsnote: Ottawa First Mortgage Financing; original principal amount stated as $56,525,000 (credit agreement dated Oct 3, 2024); guaranteed 100% by RioCan-Hudson's Bay JV and 21.9% by RioCan; matures October 3, 2029 · page: 121 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 55100000 · debtor: RioCan-Hudson's Bay (Ottawa) Holdings Inc. · creditor: Desjardins Financial Security Life Assurance Company · currency: CAD · security: First mortgage on Ottawa freehold property
- secured creditorsnote: Combines Revolving Credit Facility (outstanding ~$22,398,622; max commitment reduced from $240,374,500 to $200,000,000 by Feb 28, 2025 amendment) and FILO Credit Facility (outstanding ~$136,847,000; max principal $151,347,000); ABL Agent has priority over Pathlight Agent per ABL/Pathlight Intercreditor Agreement; matures Dec 23, 2029 (subject to earlier triggers) · page: 124 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 159245622 · debtor: Hudson's Bay Company ULC / Compagnie de la Baie D'Hudson SRI and Guarantors (Loan Parties) · creditor: Bank of America, N.A. (ABL Agent/Collateral Agent) and ABL Lenders; Restore (FILO Agent) · currency: CAD · security: Amended and restated general security agreement; deed of hypothec over movable property; grant of security interest in intellectual property; pledges of equity interests (including in RioCan-Hudson's Bay Holdings LP, RioCan-Hudson's Bay GP, RioCan-Hudson's Bay JV, and Neo Financial Technologies Inc.); leasehold mortgages (collectively "ABL Security")
- secured creditorsnote: CAD-equivalent stated elsewhere as $95,027,669; original loan US$150,000,000 (Nov 25, 2020), subsequently increased to ~$565,438,525 drawn as of Dec 23, 2024 before repayment/restructuring reduced outstanding to US$65,569,092; matures May 1, 2025 · page: 126 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 65569092 · debtor: Hudson's Bay Company and Guarantors (Loan Parties) · creditor: Pathlight Capital LP (Pathlight Agent) and Pathlight Lenders · currency: USD · security: Second priority security over substantially the same assets as the ABL Security
- secured creditorsnote: Originally an unsecured term loan (June 26, 2023) up to $200,000,000; became secured second lien upon Dec 23, 2024 amendment; certain equity pledges (RioCan-Hudson's Bay GP and RioCan-Hudson's Bay LP interests) not yet delivered to lender; matures earlier of Dec 31, 2026 or 91 days after Pathlight Credit Facility matures (not before June 26, 2026) · page: 127 · as of: Bewley Affidavit sworn March 7, 2025 · amount: 176000000 · debtor: Hudson's Bay Company and Guarantors (Loan Parties) · creditor: 2171948 Ontario Inc. (Cadillac Lender, affiliate of Cadillac Fairview) · currency: CAD · security: Second lien security over substantially the same assets as the ABL Security (per Senior/Junior Intercreditor Agreement)