Ontario · Receivership (court-appointed)
Fifth Report of the Receiver (December 10, 2024)
Court officer report · 10 December 2024
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 filing5 verified
- closing confirmedscope: the Consumer Portfolio and certain related assets · outcome: completed · effective: 2023-09-29 · purchaser: 5051802 Ontario Inc. · date basis: stated · approval order date: 2023-09-26
- process resultsbids: 5 · note: Five Bids for the Consumer Portfolio and one Bid for the 258 Loan were submitted on or before the Bid Deadline; teaser circulated to 54 potentially interested parties (as reported in the Second Report). · as of: 2023-07-10 · solicited: 54
- purchaser5051802 Ontario Inc.
- recovery outcomeentries: basis: unstated · quote: The 230 Receiver proposes, with the approval of the Court, to make an initial Interim Distribution to the Bridging Receiver of up to $6.9 million from the funds currently held by the 230 Receiver · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · cumulative: false · amount high: 6900000 · class label: Bridging Lender (senior secured lender of 230 Ontario) · claims amount: 64656514.98 · creditor name: Bridging Receiver · interim final: interim · conditional on: subject to Court approval; further distributions without further order provided aggregate does not exceed the 230 Indebtedness and Priority Claims are retained · currency quote: Unless otherwise stated, all monetary amounts contained in this Fifth Report are expressed in Canadian dollars. · claims qualifier: unstated · stated on: 2024-12-10 · table missing:
- sale outcometext: Sale Transaction for the Consumer Portfolio approved September 26, 2023 and closed September 29, 2023; in December 2024 the Receiver seeks approval to assign the VTBN and related agreements to the Bridging Receiver. · scope: whole_business · status: closed