British Columbia · Bankruptcy
ART - Trustee's Preliminary Report
Court officer report · 9 August 2023
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 filing10 verified · 1 withheld
- court file no11-2967952
- provinceBRITISH COLUMBIA
- appointeeFTI Consulting Canada Inc.
- appointee roleTrustee
- statutory basissection 49(1) of the Bankruptcy and Insolvency Act
- secured creditorsnote: Outstanding amount estimated as at the date of bankruptcy; Trustee has not obtained an independent opinion on validity/enforceability of the security; MNP Ltd. appointed as private receiver on July 28, 2023. · page: 4 · as of: date of bankruptcy · amount: 51600000 · debtor: Adventus Realty Trust · creditor: Grofondi Inc. · currency: CAD · security: General security agreement dated July 20, 2021 (ART GSA) over all present and after-acquired property of ART, excluding the ARCH Limited Partnership Interest (Excluded Collateral, unless distributed to ART); original non-revolving loan facility of $50 million per Commitment Letter dated July 20, 2021
- unsecured creditorsnote: Secured creditor's estimated shortfall/deficiency claim after realization on security; not included in the reported $54.6 million aggregate unsecured claims figure. · page: 5 · as of: date of bankruptcy · basis: Estimated deficiency claim of the secured creditor, excluded from the $54.6 million unsecured claims total · amount: 48300000 · debtor: Adventus Realty Trust · creditor: Grofondi Inc. (deficiency claim) · currency: CAD
- unsecured creditorsnote: Related-party claims arising from inter-company transactions among Adventus affiliates. · page: 5 · as of: date of bankruptcy · basis: Known claims of creditors as summarized by Trustee · amount: 37200000 · debtor: Adventus Realty Trust · creditor: Adventus affiliates (inter-company claims) · currency: CAD
- unsecured creditorsnote: Investors in unsecured debentures issued by ART; two of these debenture holders served petitions for bankruptcy orders against ART on July 13, 2023. · page: 5 · as of: date of bankruptcy · basis: Known claims of creditors as summarized by Trustee · amount: 17400000 · debtor: Adventus Realty Trust · creditor: Unsecured debenture holders (entities and individuals) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Accordingly, it is anticipated that there will be no distribution to unsecured creditors of ART. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors of ART · interim final: unstated · claims qualifier: unstated · stated on: 2023-08-09 · table missing:
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.