Ontario · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 11 February 2019
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing3 verified
- secured creditorsnote: Amount is the outstanding balance owed under a March 2, 2017 credit agreement ($59M principal), a July 27, 2018 interim loan agreement ($4.4M), and certain other facilities extended by Meridian, collectively. Interest has not been paid since August 2018 and continues to accrue (understated as of the as_of date). · page: 6 · as of: 2018-11-07 · amount: 43400000 · debtor: Atlas Healthcare (Richmond Hill) Ltd. and Atlas (Richmond Hill) Limited Partnership (Atlas RH) · creditor: Meridian Credit Union Limited · currency: CAD · security: First ranking charge on the RH Real Property (the 'Meridian Charge') and a first ranking general assignment of rents
- secured creditorsnote: Loan described as 'approximately $81.2 million' advanced pursuant to a December 11, 2017 financing commitment (amended January 10, 2018); this is the stated loan/registered principal amount, not a dated outstanding balance. Interest has not been paid since August 2018 and continues to accrue. All Romspen security ranks behind (subordinate to) the Meridian Charge. · page: 6 · debtor: All Debtors (Atlas HC Ltd., Atlas HC L.P., Atlas Shouldice Healthcare Ltd., Atlas Shouldice Healthcare LP, Atlas Healthcare (Brampton) Ltd., Atlas Brampton LP) on a joint and several basis · creditor: Romspen Investment Corporation · currency: CAD · security: Transfer of the Bridging Charge (originally in favour of Bridging Finance Inc.); a third charge over the RH Real Property in the principal amount of $5 million; a subordinate general assignment of rents over the RH Real Property; general security agreements over personal property of Atlas RH, Atlas HC Ltd. and Atlas HC L.P.; a first charge over the Shouldice Lands in the principal amount of $81.2 million with general assignment of rents, specific assignment of the Hospital Lease and GSAs over Atlas Shouldice entities; a first charge over the Brampton Property in the principal amount of $81.2 million with general assignment of rents and GSAs over Brampton entities
- secured creditorsnote: Total amount of the Liens is approximate and may contain duplication of certain liens; the Receiver has not verified or confirmed the quantum of the Liens. · page: 8 · as of: 2018-10-11 · amount: 16500000 · debtor: Atlas Healthcare (Richmond Hill) Ltd. · creditor: Construction lien claimants (12 registered liens) · currency: CAD · security: Construction liens registered against Atlas HC Ltd. and the RH Real Property