Ontario · Receivership (court-appointed)
Third Report of the Receiver
Court officer report · 15 September 2025
What we verified from this filing5 verified
- secured creditorsnote: Original principal amount, not stated balance; loan matured Aug 1, 2025, renewed to Nov 1, 2025 by Renewal of First Mortgage Loan dated July 22, 2025 · page: 8 · debtor: RC-HBC LP (co-owner of Oakville Place, encumbers all ownership interests in Oakville) · creditor: The Toronto-Dominion Bank and The Canada Life Assurance Company · currency: CAD · security: Oakville First Mortgage - original principal amount of $95 million; first mortgage encumbering all ownership interests in Oakville
- secured creditorsnote: Related party (affiliate of RioCan). Secures amounts RioCan Financial Services Limited may be required to pay on its guarantee of HBC YSS 1 Limited Partnership's $75 million secured loan re Yorkdale lease; claim is unliquidated and any amount payable is unknown per the document · page: 8 · debtor: RC-HBC LP (co-owner of Oakville Place) · creditor: RioCan Financial Services Limited · currency: CAD · security: Oakville Second Mortgage (charge on Oakville Co-Ownership Interest)
- secured creditorsnote: Stated as original principal amount 'up to' $110 million, not a balance · page: 8 · debtor: RC-HBC LP (co-owner of Georgian Mall, encumbers all ownership interests in Georgian) · creditor: Desjardins Financial Security Life Assurance Company · currency: CAD · security: Georgian First Mortgage - original principal amount up to $110 million (registration ceiling); first mortgage encumbering all ownership interests in Georgian
- secured creditorsnote: Related party (affiliate of RioCan); $24.5 million is stated principal amount, not confirmed outstanding balance · page: 9 · debtor: RC-HBC LP (co-owner of Georgian Mall) · creditor: RC Holding II LP · currency: CAD · security: Georgian Second Mortgage - second mortgage financing in the principal amount of $24.5 million
- recovery outcomeentries: basis: unstated · quote: In the case of Georgian, the Georgian Second Mortgage will be satisfied in full. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Georgian Second Mortgage · creditor name: Georgian Second Mortgage Holder (affiliate of RioCan) · interim final: unstated · related party: true · claims qualifier: unstated; basis: estimated · quote: Based on information available to the Receiver to date, the Receiver is of the view that it is unlikely there is any equity interest of HBC in the Co-Ownership Interests due to the various secured, unsecured, and deficiency claims against RC-HBC LP; however, this cannot be determined with certainty until realizations of the JV Entities' assets is completed and the secured and unsecured claims (including contingent claims) against the JV Entities' are determined. · pct of: unstated · outcome: nil · class key: equity · stated by: receiver · class label: HBC equity interest in the Co-Ownership Interests · creditor name: HBC · interim final: unstated · conditional on: this cannot be determined with certainty until realizations of the JV Entities' assets is completed and the secured and unsecured claims (including contingent claims) against the JV Entities' are determined · claims qualifier: unstated · stated on: 2025-09-15 · table missing: