British Columbia · Bankruptcy
ARLP - Trustee's Preliminary Report
Court officer report · 10 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 filing9 verified
- court file no11-2967950
- provinceBRITISH COLUMBIA
- commencement date21 July 2023
- cash on handnote: ARLP has no bank account, so it holds no cash. Separately, REIT1 provided a $300,000 fee-guaranty deposit to the Trustee, which is not estate cash. · currency: CAD
- financial positionnote: Total assets not stated; the sole asset is the equity interest in Adventus Realty Services Inc., with estimated realizable value of nil. Secured claim (Grofondi Debt) per statements of affairs: $50,000.0 thousand (principal only); total outstanding including interest estimated at approximately $51.6 million as at the date of bankruptcy. Unsecured claims: third party 0.0, related party 0.0, total 0.0 ('ARLP does not have any unsecured creditors'). The as-at date is the date of bankruptcy; the report does not state a separate as-at date for the statement of affairs figures. · as at: 2023-07-21 · basis: Statement of affairs (management) figures as summarized by the Trustee; only the principal amount of the secured claim is included in the statements of affairs. Trustee's own estimate of realizable value of the sole asset (ARSI Equity Interests) is nil. · scope: Adventus Realty Limited Partnership (ARLP) only, non-consolidated · currency: CAD
- operational summaryARLP has no operations or bank account and its only asset is an equity interest in an affiliate valued at nil; its US affiliates (REIT1/REIT2) are winding down and negotiating the surrender or disposal of the remaining properties. No distribution to unsecured creditors is anticipated.
- professional feesnote: This is the cap on the fee guaranty by REIT1 for the Trustee's statutory administration costs across the ARLP bankruptcy and certain other Canadian affiliates' bankruptcies, not fees incurred to date. The guaranty excludes fees and expenses of the Trustee or its counsel to pursue claims or causes of action. REIT1 funded a $300,000 Deposit. Primary responsibility for payment lies with the estate. · party: FTI Consulting Canada Inc. (Trustee) · amount: 300000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Accordingly, it is anticipated that there will be no distribution to unsecured creditors of ARLP. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors of ARLP · interim final: unstated · claims qualifier: unstated · stated on: 2023-08-10 · table missing:
- report date10 August 2023