Quebec · Receivership (court-appointed)
Second Report of the Receiver
Court officer report · 24 July 2026
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What we verified from this filing6 verified
- unsecured creditorsnote: DISPUTED/CONTINGENT and UNADJUDICATED: 'the existence, validity and quantum of any such claim remain uncertain and have not been adjudicated' (page 13). Any such claim would 'rank alongside the other unsecured claims' and dilute recoveries (page 11-12). No quantum stated; avoided by selection of Westmont's bid which assumes the HMA. · page: 13 · basis: Receiver's Second Report identifies a material risk of litigation and 'the potential assertion of a significant unsecured damages claim' by Fairmont in the event of disclaimer/termination of the Hotel Management Agreement (HMA) · debtor: Millennium Golden Jiachen Hotel Holdings Ltd. & 4345118 Canada Inc. · creditor: Accor Management Canada Inc. (formerly Fairmont Hotels Inc.) - potential Hotel Management Agreement disclaimer damages claim · currency: CAD
- unsecured creditorsnote: Figure is a prose approximation ('approximately CAD $47 million'); no exact dated balance provided in these pages. CEG and ANJI's financial advisor is Alvarez & Marsal Canada ULC (A&M); described as the Debtors' principal unsecured creditors and as the 'fulcrum creditor' (page 4, 12, 18). Aggregate figure given jointly for both entities; document does not itemize CEG's and ANJI's claims separately. · page: 17 · basis: Receiver's statement that 'CEG and ANJI (whose aggregate unsecured advances to the Canadian group are approximately CAD $47 million) are expected to be the principal beneficiaries' of unsecured distribution; document represents CEG's and ANJI's claims as together comprising more than 99% of the aggregate value of the Debtors' unsecured claims · amount: 47000000 · debtor: Millennium Golden Jiachen Hotel Holdings Ltd. & 4345118 Canada Inc. · creditor: China Evergrande Group (CEG) and ANJI (BVI) Limited (ANJI) (combined) · currency: CAD
- secured creditorsnote: Desjardins acts in dual capacity as Senior Secured Creditor (PR-01/02/03 term loans) and as Interim/DIP Lender (MC-04, approved interim financing of $6,380,000 with a super-priority Interim Lender's Charge of $7,656,000 — a court-ordered ceiling, not a balance; see page 2). Receiver seeks Court authorization to distribute Net Proceeds to Desjardins in full repayment of both the Interim Financing Obligations and the senior secured indebtedness (page 18-19). The Administration Charge was increased from $100,000 to $1,000,000 (a priority charge ceiling, not a named-creditor balance). · page: 46 · as of: 2026-07-15 · amount: 17913636.48 · debtor: Millennium Golden Jiachen Hotel Holdings Ltd. / Gestion d'Hôtel Millennium Golden Jiachen Ltée & 4345118 Canada Inc. · creditor: La Caisse Desjardins de Brossard (Desjardins) · currency: CAD · security: Statement of account for full repayment ('État de compte pour fins de remboursement intégral') totals four facilities: PR-01 term loan $4,076,504.06 (capital $3,669,644.71 + interest arrears $396,543.95 + current interest $10,315.40); PR-02 term loan $4,785,152.18 (capital $4,281,581.88 + arrears $491,534.74 + current interest $12,035.56); PR-03 term loan $2,550,938.95 (capital $2,321,311.74 + arrears $223,101.98 + current interest $6,525.23); MC-04 DIP/Interim Financing credit line $6,467,400.67 (capital $6,380,000.00 + arrears $64,275.36 + current interest $23,125.31); plus legal fees to finalize $33,640.62. Per-diem interest continues to accrue on each facility until full payment.
- purchaserWestmont International Development Inc.
- sale advisorColliers International (Quebec) Inc.
- sale outcometext: Successful Bid submitted by Westmont International Development Inc. selected; Receiver recommends Court approve the Proposed Transaction · scope: whole_business · status: pending_approval