Ontario · Receivership (court-appointed)
Motion Record returnable July 24
Application / notice of application · 17 July 2026
What we verified from this filing6 verified
- secured creditorsnote: Montreal Real Property is currently subject of a marketing process; no balance or claim amount stated on these pages. · page: 17 · debtor: JV Entities (Montreal property owner) · creditor: Royal Bank of Canada · currency: CAD · security: Mortgage in favour of Royal Bank of Canada over the remaining Montreal real property asset
- secured creditorsnote: Total claim amount ('obligations currently due') = secured debt $202,000,000 + accrued interest $10,169,000 (CAD 000's). Vancouver Real Property sold June 24, 2026; net proceeds realized $4,307,000, far below the claim, resulting in significant shortfall. · page: 18 · as of: 2026-07-17 · amount: 212169000 · debtor: RC-HBC LP · creditor: Vancouver Senior Secured Lender · currency: CAD · security: First-in-time mortgage/charge over the Vancouver Real Property; PPSA (British Columbia) registered security interest in personal property of RC-HBC related to the Vancouver Real Property and proceeds thereof (per NRF legal opinion)
- secured creditorsnote: Total claim amount ('obligations currently due') = secured debt $105,000,000 + accrued interest $8,089,000 (CAD 000's). Calgary Real Property sale not yet complete as of report date (expected close on or before July 27, 2026); estimated net proceeds detailed in sealed Confidential Appendix 'I'. · page: 18 · as of: 2026-07-17 · amount: 113089000 · debtor: RC-HBC LP · creditor: Calgary Senior Secured Lender · currency: CAD · security: First-in-time mortgage/charge over the Calgary Real Property; PPSA (Alberta) registered security interest in personal property of RC-HBC related to the Calgary Real Property and proceeds thereof (per NRF legal opinion)
- secured creditorsnote: Total claim amount ('obligations currently due') = secured debt $43,531,000 + accrued interest $2,424,000 (table stated in CAD 000's). Ottawa Real Property sold June 15, 2026; encumbrances now attach to net proceeds ($21,092,000 realized), resulting in an estimated shortfall (Receiver reports shortfalls of 48%-93% across the Secured Lenders). Pre-sale registered title charges against the Ottawa property (now expunged/discharged and reattached to net proceeds per Ottawa AVO) included Desjardins Financial Security Life Assurance Company ($61,000,000 charge, registered 2024-10-03, a registration ceiling not a balance) and RioCan Financial Services Limited ($30,000,000 charge, registered 2024-10-03, registration ceiling; related party - RioCan Financial Services Limited is a co-Applicant/RioCan affiliate); it is not confirmed on these pages which of these corresponds to the 'Ottawa Senior Secured Lender'. · page: 18 · as of: 2026-07-17 · amount: 45954000 · debtor: RC-HBC Ottawa · creditor: Ottawa Senior Secured Lender · currency: CAD · security: First-in-time mortgage/charge over the Ottawa Real Property; PPSA (Ontario) registered security interest in personal property of RC-HBC Ottawa related to the Ottawa Real Property and proceeds thereof (per NRF legal opinion)
- secured creditorsnote: Related party: RioCan Property Services Trust is an affiliate of RioCan (an Applicant in this proceeding) and is assignee of Royal Bank of Canada under the underlying credit facility. Total claim amount ('obligations currently due') = secured debt $58,732,000 + accrued interest $815,000 (CAD 000's). Devonshire Real Property sold June 5, 2026; net proceeds realized only $4,307,000, resulting in significant shortfall. · page: 18 · as of: 2026-07-17 · amount: 59547000 · debtor: RC-HBC (indemnitor); underlying credit facility owing from 2491815 Ontario Limited Partnership (formerly HBC YSS 1 Limited Partnership) · creditor: RioCan Senior Secured Lender (RBC Loan) / Devonshire Senior Mortgage Holder (RioCan Property Services Trust, as assignee of Royal Bank of Canada) · currency: CAD · security: First-in-time mortgage/charge over the Devonshire Real Property; obligations arise under a Guarantee Indemnity Agreement (RC-HBC indemnifies the Devonshire Senior Mortgage Holder for indirect obligations); PPSA (Ontario) registered security interest in personal property of RC-HBC related to Devonshire Real Property and proceeds thereof
- recovery outcomeentries: basis: estimated · quote: Each of these amounts exceeds the respective recoverable net proceeds, resulting in shortfalls ranging from an estimated 48% to 93% at present. · pct of: unstated · outcome: shortfall · pct low: 48 · pct high: 93 · class key: secured · stated by: receiver · class label: Secured Lenders · interim final: unstated · claims qualifier: unstated · stated on: 2026-07-17 · table missing: