Ontario · Receivership (court-appointed)
Second Interim Report of the Receiver - Section 246(2) of the BIA
Court officer report · 15 September 2026
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 filing12 verified
- cash on handnote: Statement of receipts and disbursements shows ending cash of $3,391 (CAD 000's) at 05/31/2026; held to fund forecast disbursements. · as at: 2026-05-31 · amount: 3400000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the JV Entities' interests of the Oakville and Georgian JV Entities to Riocan · outcome: completed · effective: 2026-01-05 · date basis: stated
- disbursementsnote: Total Operating Disbursements cumulative of $24,960 (CAD 000's); the six-month period was $10,975 (CAD 000's). Non-operating disbursements (professional fees and other) were an additional $8,285 (CAD 000's) cumulative. · since: Date of Appointment (June 3, 2025) to May 31, 2026 · amount: 24960000 · currency: CAD
- operational summaryThe Receiver is managing and marketing the JV Properties for sale: the Oakville and Georgian co-ownership interests closed, the Yorkdale lease was rejected, the Ottawa, Vancouver, Devonshire and Calgary sales have been court-approved and are expected to close mid-2026, and the Montreal marketing process is ongoing. Unsecured creditor recoveries are considered unlikely.
- professional feesnote: Cumulative disbursements of $4,673 (CAD 000's), of which $1,793 (CAD 000's) was in the six months ended 05/31/2026. Separately, fees of other professionals (counsel to secured lenders, HBC, others) were $2,274 (CAD 000's) cumulative. Tax treatment not stated. · party: Receiver and its legal counsel · amount: 4673000 · period: Cumulative from the Date of Appointment (June 3, 2025) to May 31, 2026 · currency: CAD
- purchaserprice: note: gross consideration stated in millions ($63.0 million) · basis: cash · amount: 63 · sealed: false · currency: CAD · scope: the JV Entities' interests of the Oakville and Georgian JV Entities to Riocan · status: closed · name note: purchaser of the Oakville JV Entity interests, unnamed in this excerpt · structure: shares · name source: recital · relationship: unstated; price: note: gross consideration stated in millions ($79.1 million) · basis: cash · amount: 79.1 · sealed: false · currency: CAD · scope: the JV Entities' interests of the Oakville and Georgian JV Entities to Riocan · status: closed · name note: purchaser of the Georgian JV Entity interests, unnamed in this excerpt · structure: shares · name source: recital · relationship: unstated; price: sealed: false · scope: Calgary, Vancouver, Ottawa and Devonshire properties · status: approved · name note: purchasers under executed asset purchase agreements for Calgary, Vancouver, Ottawa and Devonshire, unnamed in this excerpt · structure: assets · name source: recital · relationship: unstated
- receipts cumulativenote: Total Operating Receipts cumulative of $5,571 (CAD 000's); the six-month period December 1, 2025 to May 31, 2026 was $2,764 (CAD 000's). Excludes financing inflows (Receiver's advances). · since: Date of Appointment (June 3, 2025) to May 31, 2026 · amount: 5571000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Accordingly, the Receiver remains of the view that it is unlikely that there would be any recoveries available for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Following consultations with applicable stakeholders, on March 4, 2026, the Receiver issued a notice of rejection of the Yorkdale lease, effective April 3, 2026, to the Yorkdale landlord resulting in nil recovery for 2491815 Ontario Limited Partnership from the rejected lease. · pct of: unstated · outcome: nil · stated by: receiver · class label: 2491815 Ontario Limited Partnership (rejected Yorkdale lease) · interim final: unstated · claims qualifier: unstated · stated on: 2026-09-15 · table missing:
- report date15 September 2026
- report noSecond Interim Report
- sale advisorCBRE; RBC Capital Markets
- sale outcometext: Status of the JV Properties as at May 31, 2026 · scope: whole_business · status: liquidation_in_progress