Alberta · Receivership (court-appointed)
Fourth Report of the Trustee and Receiver and Manager dated December 6, 2021
Court officer report · 6 December 2021
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What we verified from this filing8 verified
- operational summaryThe two apartment buildings comprising the Project have been completed (though later and at higher cost than forecast) and are largely leased up, and the Receiver has entered into a conditional agreement to sell the Purchased Assets, including the developed buildings and undeveloped Vacant Lands, to Arris Homes Ltd.
- process resultsbids: 2 · lois: 1 · ndas: 46 · note: 46 parties executed CA; two parties submitted offers including the Purchaser · solicited: 3000 · qualified bids: 2
- purchaserArris Homes Ltd.
- recovery outcomeentries: basis: unstated · quote: KingSett, the only creditor with an economic interest in the Transaction, consents to the relief in this motion and supports completion of the Transaction, notwithstanding that it will incur a shortfall on its loans to the Company and the Transaction remains conditional; · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: KingSett · creditor name: KingSett · interim final: unstated · conditional on: the Transaction remains conditional · claims qualifier: unstated · table missing:
- report date6 December 2021
- report noFourth Report
- sale advisorJLL
- sale outcometext: Transaction with Arris Homes Ltd. approved subject to conditions, not yet closed · scope: whole_business · status: pending_approval