British Columbia · CCAA
Report of the Proposed Monitor dated January 7, 2025
Pre-filing report · 7 January 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- secured creditorsnote: Total KingSett Indebtedness approx. $189M plus interest and costs, in default; NOI to Enforce Security under BIA s.244 issued Dec 27, 2024 · page: 5 · as of: 2024-12-27 · amount: 189000000 · debtor: Lumina Eclipse Limited Partnership and Beta View Homes Ltd. · creditor: KingSett Mortgage Corporation · currency: CAD · security: First KingSett Loan - mortgage/assignment of rents principal $95M and GSA (facility principal $124M); Second KingSett Loan - mortgage principal $62.5M and GSA (facility principal $65.4M, comprising $50M and $15.4M); beneficial owner's direction/security agreements; six additional collateral mortgage charges against Brentwood Tower C (amounts not stated); KingSett Strata Mortgage - registered principal $176.5M against Strata Lots (collateral for Beta View's guarantee of 6511 Sussex obligations to KingSett; subordinated to Coast per priority/standstill agreement dated Mar 26, 2024)
- secured creditorsnote: Amount is approximate ('approximately $12 million'); judgment obtained June 30, 2023 but registration not discovered by KingSett until on/about Dec 16, 2024; not disclosed by Debtors · page: 6 · as of: 2024-12-16 · amount: 12000000 · debtor: Beta View Homes Ltd. (Real Property) · creditor: Canada Revenue Agency · currency: CAD · security: CRA Judgment registered against certain real property owned by the Debtors
- secured creditorsnote: Senior secured creditor with respect to the Strata Lots; KingSett has subordinated/standstilled its security in Coast's favour re: Strata Lots per priority and standstill agreement dated March 26, 2024 · page: 6 · debtor: Beta View Homes Ltd. · creditor: Coast Capital Savings Federal Credit Union · currency: CAD · security: Mortgage and assignment of rents for all debts of Beta View due to Coast, registered against both Brentwood Tower C and the Strata Lots
- secured creditorsnote: Registered principal amount, not confirmed outstanding balance · page: 6 · debtor: Beta View Homes Ltd. · creditor: Westmount West Services Inc. · currency: CAD · security: Mortgage and assignment of rents, registered principal amount $50,000, against Brentwood Tower C
- secured creditorsnote: Names and amounts not disclosed in this excerpt · page: 6 · debtor: Beta View Homes Ltd. · creditor: Four unnamed construction lien claimants (Brentwood Tower C) · currency: CAD · security: Registered construction liens against Brentwood Tower C
- secured creditorsnote: Amounts not stated in this excerpt · page: 7 · debtor: Beta View Homes Ltd. · creditor: Owners of Strata Plan EPS6882 · currency: CAD · security: Multiple liens against the Strata Lots for amounts owing pursuant to the Strata Property Act, S.B.C. 1998, c. 43