Ontario · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 16 June 2026
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What we verified from this filing9 verified
- secured creditorsnote: Total outstanding principal and accrued interest stated as 'approximately $60,000,000'; the $75,000,000 figure is the registered principal (ceiling), not the outstanding balance. First-ranking ahead of the KingSett Charge. · page: 24 · as of: 2026-01-27 · amount: 60000000 · debtor: Labatt Village LP / Labatt Village Holdings Inc. · creditor: The Bank of Nova Scotia (Scotiabank) · currency: CAD · security: First-ranking charge registered on title to the Real Property, registration no. AT5909602, in a registered principal amount of $75,000,000 (the 'Scotiabank Charge'); secures a demand debenture given by Labatt Holdings and a related Scotiabank Credit Agreement establishing a $65,000,000 credit facility and a $1,000,000 letter of credit facility in favour of Labatt LP
- secured creditorsnote: Figure defined precisely as 'Owners' Indebtedness' in the Stalking Horse Purchase Agreement ($23,446,623.06 as of January 30, 2026, comprised of principal, interest, fees and costs); the First Report describes the same figure as 'approximately'. Registered principal of $25,500,000 is a ceiling, not the balance. Also the Applicant/Stalking Horse Purchaser and consulted senior secured creditor in the Sale Process. · page: 25 · as of: 2026-01-30 · amount: 23446623.06 · debtor: Labatt Village LP · creditor: KingSett Mortgage Corporation · currency: CAD · security: Second-ranking charge registered on title, registration no. AT5909603 (as amended by AT6722998), in a registered principal amount of $25,500,000 (the 'KingSett Charge'); non-revolving second mortgage land loan (the 'Loan Facility') established under a Commitment Letter dated November 2, 2021, as amended June 16, 2023, March 15, 2024, November 19, 2024, December 10, 2024 and March 28, 2025
- secured creditorsnote: Unpaid property taxes stated as 'approximately $703,000' as of January 28, 2026; classified in the sale documents as a Priority Payable outranking the registered mortgage security (regulatory/municipal priority claim). · page: 25 · as of: 2026-01-28 · amount: 703000 · debtor: Labatt Village LP / Labatt Village Holdings Inc. · creditor: City of Toronto (municipal realty taxes/utility charges) · currency: CAD · security: Statutory priority payable ('Priority Payables') ranking ahead of the Scotiabank Charge and KingSett Charge under the Stalking Horse Purchase Agreement; to be paid first on closing from sale proceeds
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: GST/HST · quote: $36,943.97 · amount: 36943.97 · fees: quote: $283,400.00 · amount: 283400 · total: quote: $321,128.32 · amount: 321128.32 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: $784.35 · amount: 784.35 · period: end: 2026-04-15 · kind: invoice · label: the Period · quote: For the period from September 14, 2025 to April 15, 2026 · start: 2025-09-14 · approval: state: unstated · averages: rate: 602.54 · quote: The average hourly rate billed by the Receiver during the Period is $602.54. · currency: · invoices: tax: 36943.97 · date: 2025-06-11 · fees: 283400 · quote: 1697825 | May 31, 2026 | June 11, 2025 | $283,400.00 | $784.35 | $36,943.97 | $321,128.32 · total: 321128.32 · period end: 2026-05-31 · disbursements: 784.35 · firm text: PricewaterhouseCoopers Inc. · firm quote: FIRST REPORT TO THE COURT SUBMITTED BY PRICEWATERHOUSECOOPERS INC., LIT IN ITS CAPACITY AS RECEIVER · context quote: IN ITS CAPACITY AS RECEIVER OF CERTAIN REAL PROPERTY LOCATED AT 7 LABATT AVENUE AND 77 RIVER STREET IN TORONTO; form: time_summary · rows: · money: approximate: false · period: end: 2026-04-15 · kind: invoice · quote: For the period from September 14, 2025 to April 15, 2026 · start: 2025-09-14 · approval: state: unstated · averages: rate: 758.57 · quote: Average hourly rate = $758.57 · currency: · invoices: · firm text: Kingsett Capital Inc · firm quote: Detailed Analysis of Fees Kingsett Capital Inc For the period from September 14, 2025 to April 15, 2026 · context quote: Detailed Analysis of Fees Kingsett Capital Inc For the period from September 14, 2025 to April 15, 2026
- process resultsbids: 0 · lois: 0 · ndas: 3 · note: no LOIs received by the LOI Deadline · as of: 2026-03-25 · solicited: 77 · qualified bids: 0
- purchaserKingSett Mortgage Corporation
- sale advisorPwC Real Estate
- sale outcometext: the Sale Process did not yield any LOIs or Qualified Bids other than the Stalking Horse Bid, which was determined to be the Successful Bid · scope: whole_business · status: approved
- stalking horseKingSett Mortgage Corporation (84150000)