Alberta · CCAA
Pre-filing Report of Proposed Monitor
Pre-filing report · 10 October 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 filing2 verified
- secured creditorsnote: Per Life Lease Queue Tracker Exhibit 2.0; Monitor 'cannot confirm if the amounts owing account for principal and interest accrued, or just the principal amount owing.' No life leases associated with Whitecourt Village. Related-party/trust structure: Security Companies act as intermediary/trustee, not the ultimate creditor. · page: 7 · amount: 88271950 · debtor: Various Applicants (Bedford Village, Citadel Mews East, Devonshire Village, Glastonbury Village, Park Avenue, Royal Oak Village, Southwoods Court, Timberstone, Westmount Village) · creditor: Life Lease holders (residents/estates), secured via Security Companies acting as trustee · currency: CAD · security: Blanket mortgage registered as second charge on each project, behind first mortgage lender security; held by relevant Security Company as trustee for life lease holders
- secured creditorsnote: Monitor states 'there is no fulcrum creditor, but rather there are multiple senior lenders entering into project specific mortgages, lines of credit, or construction loans.' Aggregate secured debt figure per Monitor's report; detailed breakdown provided in Schedule 'C' (debt collateral schedule), which was not included in the pages reviewed. · page: 8 · as of: date of the debt collateral schedule · amount: 105171683 · debtor: Various Applicants (project/community specific) · creditor: Multiple senior secured lenders (unnamed) - project-specific mortgages, lines of credit and construction loans · currency: CAD · security: Project-specific mortgages, lines of credit, and construction loans; certain communities have multiple mortgages