British Columbia · CCAA
Monitor's Second Report to Court
Court officer report · 7 October 2026
AI summary
What we verified from this filing15 verified
- secured creditorsnote: Outstanding balance not stated. The Purchase Price of $127,100,000 is to be satisfied by set-off against 'the outstanding principal balance and accrued interest and fees' of the First Mortgage, so the balance is at least that figure by implication; this is not a stated balance. The bcIMC Loan (approx. $68.3M senior first mortgage) is defined in the glossary but its relationship to the First Mortgage is not explained on these pages. Related party: the creditors are the purchasers/stalking horse bidders. · page: 12 · debtor: Portwood Development 3 LP / Portwood Development 4 LP (Phase 3 Lands and Phase 4/5 Lands) · creditor: WB Portwood Holdings (CA) ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (INT) MF ULC (First Mortgage holders; also Petitioners, Interim Lender and Purchasers) · currency: CAD · security: First Mortgage registered against the Phase 3 Lands and Phase 4/5 Lands (reg. nos. CA9821313, CA9821314 and extensions; CA9846430, CA9846431, CB1846074, CB1846075), plus assignment of rents and site-specific security agreements; assigned from QuadReal. Monitor's counsel opinion: security properly created, perfected, valid and enforceable (subject to usual qualifications).
- secured creditorsnote: Post-filing interim financing, not pre-filing debt; amount drawn to date not stated. Facility limit and charge cap are ceilings, not balances. Cash flow forecast shows planned draws of $350,000 for Oct 3 to Dec 18, 2026 (forecast). Must be satisfied in full at or before Closing. · page: 13 · debtor: Debtors and 1030 Cecile Drive Holdings Ltd. (DIP Borrowers) · creditor: WB Portwood Holdings (INT) MF ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (CA) ULC (Interim Lender, DIP Charge) · currency: CAD · security: Interim Lender's Charge (DIP Charge), ranking behind the Administration Charge but ahead of all other encumbrances. Interim Financing facility not to exceed $500,000; DIP Charge Cap $600,000; interest 10.8% per annum, compounded monthly.
- secured creditorsnote: $200,000 is the maximum charge amount, not a balance; actual fees secured to be satisfied by cash deposit equal to the Monitor's reasonable estimate at Closing. Post-filing court-ordered charge. · page: 25 · amount: 200000 · debtor: Debtors · creditor: PricewaterhouseCoopers Inc., counsel to the Monitor and counsel to the Petitioners (Administration Charge) · currency: CAD · security: Administration Charge on the Property, maximum aggregate amount $200,000; ranks ahead of the First Mortgage.
- secured creditorsnote: Amount not stated. Ranks behind the First Mortgage; Monitor states no recoveries are anticipated for stakeholders ranking behind the First Mortgage. Related party (affiliated with Purchasers). · page: 34 · debtor: PW3 Lands and PW4/5 Lands owners · creditor: Woodbourne Canada IV GP ULC, WB Canada Partners IV MF, LLC and WB Canada Partners IV (INT) MF Corp. (Mezz Loan holders; affiliates of the Purchasers) · currency: CAD · security: Subordinate charges registered on title to the PW3 Lands (CA7263756 as extended by CB1256064 and CB1846093; CA7263757 as extended by CB1256065 and CB1846094) and PW4/5 Lands (CB1256064, CB1256065, CB1846093, CB1846094). Glossary: Mezz Loan from the Woodbourne Lender Entities under the Woodbourne Credit Agreement, maturing October 31, 2027.
- unsecured creditorsnote: Amount not stated on these pages. QuadReal is also the original grantee of the First Mortgage that was assigned to the Petitioners. · page: 43 · basis: Bonds (letters of credit and cash security) listed in Schedule C, owing to QuadReal; to be assumed by the Purchasers as an Assumed Liability; assumption requires QuadReal's written consent. · debtor: Debtors · creditor: QuadReal Real Estate Debt (Canada) GP Inc. / QuadReal Real Estate Debt (Canada) Limited Partnership (QuadReal Bonds) · currency: CAD
- cash on handnote: Closing cash balance of the estate per the variance analysis (shown as 299 in thousands in the report body); excludes approximately $339,804 held by the Property Manager. The Updated Cash Flow Forecast projects closing cash of approximately $45,000 at December 18, 2026. · as at: 2026-10-02 · amount: 298578 · currency: CAD
- disbursementsnote: Estate total disbursements, including Off-Site Works of $1,070,056; forecast was $3,150,394. · since: Filing Date, August 14, 2026 (period to October 2, 2026) · amount: 1279692 · currency: CAD
- operational summaryThe debtors' lands are not being operated for development; the Monitor is overseeing the Phase 4/5 townhome rentals through the Property Manager, administering Off-Site Works funding, and closing a stalking horse sale to the Purchasers (the Petitioners) after the sale process drew no competing bids.
- professional feesnote: Actual professional fees disbursed in the period (forecast was $360,950); excludes sales taxes on CCAA administration of $15,964, shown separately. Forecast professional fees for October 3 to December 18, 2026 are $635,461. · party: Monitor, counsel to the Monitor and counsel to the Petitioners (CCAA Proceedings professional fees) · amount: 135793 · period: August 14, 2026 to October 2, 2026 · currency: CAD
- purchaserWB Portwood Holdings (INT) MF ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (CA) ULC
- receipts cumulativenote: Estate total receipts: Property Manager receipts $160,000, DIP draw $100,000, EDGAR partner funding $564,983, Woodbourne partner funding $671,598, sales tax recoveries $43. Forecast was $4,123,910. · since: Filing Date, August 14, 2026 (period to October 2, 2026) · amount: 1496624 · currency: CAD
- report date7 October 2026
- report noSecond Report
- sale outcometext: The Stalking Horse Bid was designated by the Monitor as the Successful Bid and the Stalking Horse Bidder as the Successful Bidder; the Monitor seeks an Approval and Vesting Order for the Proposed Transaction. · scope: whole_business · status: pending_approval
- stalking horseWB Portwood Holdings (INT) MF ULC, WB Portwood Holdings MF ULC and WB Portwood Holdings (CA) ULC