British Columbia · Receivership (court-appointed)
Second Report of the Receiver dated March 24, 2025
Court officer report · 24 March 2025
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 filing8 verified
- operational summaryThe Debtors could not repay KingSett or secure a refinancing, so the Receiver is seeking to broaden the receivership to District GP and to approve a stalking horse sale process (reverse vesting structure) for the stalled, pre-construction District Northwest project. Pre-sale deposits of about $78 million remain held in trust.
- purchaser1419195 B.C. Ltd.
- recovery outcomeentries: basis: estimated · quote: KingSett, the Debtors' senior secured creditor, who is likely to incur a shortfall on the KingSett Indebtedness, supports the approval of the Stalking Horse APS for the purposes of acting as the Stalking Horse Bid in the Sale Procedure and the Break Fee, and believes that the Purchase Price is appropriate in the circumstances. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: KingSett Indebtedness · creditor name: KingSett Mortgage Corporation · interim final: unstated · claims qualifier: unstated · table missing:
- report date24 March 2025
- report noSecond Report
- sale advisorRennie
- sale outcometext: Sale Procedure Order sought approving sale solicitation procedures and stalking horse bid · scope: whole_business · status: process_approved
- stalking horse1419195 B.C. Ltd. (86000000)