Alberta · Receivership (court-appointed)
Application (Appoint Receiver)
Application / notice of application · 8 December 2025
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 filing4 verified
- secured creditorsnote: Total indebtedness under Facilities (Loan 1, 3, 4, 5) as at Dec 5, 2025, CAD portion; excludes post-Dec-5 interest, fees, costs; BDC's PPSA registrations perfected Nov 13, 2017 and Dec 5, 2025; BDC first-in-time on LSH personal property and first registered mortgagee on the Lands; BDC subordinated its security in LSL personal property to NBC and CIBC per Intercreditor Agreements (except listed equipment) · page: 5 · as of: 2025-12-05 · amount: 9467176.54 · debtor: Light Speed Holdings Inc. (borrower), guaranteed by Light Speed Logistics Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: GSAs from LSH and LSL (all present/after-acquired personal property); First Mortgage dated 2018-02-07, registered principal $10,000,000 on Lands (Mortgage 1 Lands); Second Mortgage dated 2018-08-28, registered principal $3,310,240 on Lands (Mortgage 2 Lands); General Assignments of Rents and Leases (GARLs); LSL Guarantees (continuing guarantees, max amounts $9,005,600; $3,310,240; $392,194.90; USD $13,000,000)
- secured creditorsnote: USD portion of total indebtedness under the Facilities as at Dec 5, 2025 (Loan 5 facility, max USD $13,000,000); excludes post-Dec-5 interest, fees, costs · page: 5 · as of: 2025-12-05 · amount: 4342764.89 · debtor: Light Speed Holdings Inc. (borrower), guaranteed by Light Speed Logistics Inc. · creditor: Business Development Bank of Canada (BDC) · currency: USD · security: Same security as CAD BDC entry (GSAs, Mortgages, GARLs, LSL Guarantees including USD $13,000,000 guarantee for Loan 5)
- secured creditorsnote: Floor amount: CIBC Demand Letters (Nov 24, 2025) demanded repayment 'in amounts in excess of $28,000,000'; CIBC also obtained a receivership order (CIBC Receivership Order) over certain LSL assets on Dec 5, 2025; $14,000,000 registered mortgage principal is registration ceiling, not the balance owed · page: 8 · as of: 2025-11-24 · amount: 28000000 · debtor: Light Speed Logistics Inc., guaranteed by Light Speed Holdings Inc. · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: Mortgage registered against the Lands (registration 221 217 424, registered 2022-10-07, original principal amount $14,000,000) and Caveat re Assignment of Rents and Leases (registration 221 217 425); also holds security over LSL personal property under CIBC Priority Agreement dated 2024-06-28
- secured creditorsnote: NBC issued demand letters and notices of intention to enforce security on Dec 2, 2025, and filed a receivership application (NBC Receivership Application) heard Dec 8, 2025; no specific indebtedness amount stated in these pages · page: 8 · debtor: Light Speed Logistics Inc., guaranteed by Light Speed Holdings Inc. · creditor: National Bank of Canada (NBC) · currency: CAD · security: Security interest in LSL personal property (priority over BDC) per NBC Priority Agreement dated 2018-02-21, except NBC Listed Equipment carved out for BDC