British Columbia · CCAA
Affidavit #1 of Cameron Bailey, December 3, 2024
Affidavit · 3 December 2024
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 filing2 verified
- secured creditorsnote: Sprucemal, an affiliate of Peterson and a Guarantor, arranged payment of $1,470,054.95 to RBC on account of the Amended Credit Agreement indebtedness; counsel for the Guarantors advised this triggers Section 10.6(a) of the Partnership Agreement obligating the Partnership to indemnify Spruceland for the payment (a contribution/subrogation right, not a registered security interest as disclosed on these pages). · page: 15 · as of: 2024-09-06 · amount: 1470054.95 · debtor: Sperling Limited Partnership · creditor: Spruceland Mall Limited Partnership (affiliate of Peterson, acting as Guarantor) · currency: CAD
- secured creditorsnote: Amount is the stated 'Indebtedness' owed pursuant to the Credit Agreement as of Nov 21, 2024, plus continuing costs and interest. Demand letters dated Sept 3, 2024 (Dentons Canada LLP) had demanded CAD$208,346,293.40 plus interest/costs. Loan Facilities total CAD$210,000,000 (CAD$160M land loan + CAD$50M pre-development facility) is the registered/facility ceiling, not a balance. Guaranteed by Peterson Property Holdings Inc., Spruceland Mall LP, and Peterson Investment (Spruceland) Ltd. (Guarantors) via joint and several guarantee limited to CAD$210,000,000 and a Swap Guarantee limited to USD$2,000,000; guarantors are corporate affiliates of the Debtors' partners, not personal guarantors. · as of: 2024-11-21 · amount: 207601972.89 · debtor: Sperling GP Ltd. (general partner), Sperling Limited Partnership, and 1112849 B.C. Ltd. (nominee/bare trustee) · creditor: Royal Bank of Canada (as administrative and collateral agent for a lending syndicate comprising RBC, The Toronto-Dominion Bank, Bank of Montreal, and Bank of Nova Scotia) · currency: CAD · security: Mortgage and assignment of rents dated Feb 24, 2022, registered at New Westminster LTO (CA9744633/CA9744634) in principal amount CAD$210,000,000 charging the Real Property; project-specific General Security Agreement dated Feb 24, 2022; Beneficial Mortgage and Authorization dated Feb 24, 2022; Swap Mortgage and assignment of rents dated Feb 24, 2022, registered CA9744635/CA9744636, in principal amount USD$2,000,000; Beneficial Swap Mortgage and Authorization