British Columbia · CCAA
First Report of the Proposed Monitor
Pre-filing report · 31 March 2022
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What we verified from this filing4 verified
- secured creditorsnote: Principal amount $143,616,000 as of 28-Feb-22; total outstanding (principal+interest) stated as approx. $175.3 million in prose, exact figure $175,268,000 per Monitor's summary table · page: 7 · as of: 2022-02-28 · amount: 175268000 · debtor: Alderbridge Way Limited Partnership · creditor: Romspen Investment Corporation · currency: CAD · security: First-ranking secured construction loan facility for up to $422 million (funded up to approximately $143.6 million principal; no advances after March 2020)
- secured creditorsnote: Related parties - unitholders/associated entities of the LP; principal amount was approximately $47,529,000 as of 31-Jan-22, total outstanding including interest $76,693,000 · page: 7 · as of: 2022-01-31 · amount: 76693000 · debtor: Alderbridge Way Limited Partnership · creditor: 2ML Lenders (R. Jay Management Ltd., J.V. Driver Investments Inc., MNB Enterprises Inc., G. Wong Holdings Inc., Gatland Development Corporation, REV Investments Inc., Voth Developments Ltd., Inland Consulting Ltd., Dennis Schwab and Lesley Schwab, and South Street (Alderbridge) Limited Partnership) · currency: CAD · security: Secured second lien loan facility (2ML Loan) provided to fund construction of the Development
- secured creditorsnote: Deposit of $60,000,000 paid pursuant to a Purchase and Development Agreement; recorded on LP balance sheet as 'other mortgages payable' at original principal value ($60.0 million); outstanding amount including interest as of 8-Jun-21 was $94,107,000 · page: 7 · as of: 2021-06-08 · amount: 94107000 · debtor: Alderbridge Way Limited Partnership · creditor: CIBT (Global Education City (Richmond) Limited Partnership, by its GP GEC (Richmond) GP Inc., with CIBT Education Group Inc. as guarantor) · currency: CAD · security: Mortgage securing the CIBT Deposit, bearing interest at 15.0% per annum compounded quarterly; ranking subsequently discussed in the report (not detailed on these pages)
- financial positionnote: Assets: Cash $0.1M, Trust (pre-sale) deposits $49.3M, Deferred management fees $3.4M, Construction in progress $298.6M. Liabilities: Accounts payable/accrued liabilities $83.4M, Other mortgages payable (CIBT deposit) $60.0M, Mortgages payable (Romspen + 2ML, at original principal value) $199.4M. Partners' capital as of Dec 30, 2020 was $8.5 million. · page: 8 · as at: 2020-12-31 · basis: Unaudited (Management-prepared, not audited or verified by the Proposed Monitor) · scope: Alderbridge Way Limited Partnership only (reflects LP's beneficial ownership of the Property and corresponding liabilities); the GP and 098 do not produce separate financial statements as all assets/liabilities are recorded under the LP · currency: CAD · total assets: 351400000 · total liabilities: 342800000