British Columbia · Receivership (court-appointed)
Second Report of the Receiver
Court officer report · 5 March 2025
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What we verified from this filing5 verified
- secured creditorsnote: Debt repaid in full from Transaction proceeds closing November 22, 2024; no balance stated for pre-filing period. · page: 3 · as of: Receivership Date (July 8, 2024) · debtor: SCREO I Metrotown Inc. and SCREO I Metrotown L.P. · creditor: The United States Life Insurance Company In The City of New York and American Home Assurance Company (Petitioners) · currency: CAD
- secured creditorsnote: Claim of 'up to $17,000,000', subject to net proceeds (if any) from sale of Dixie Outlet Mall and other repayments made after December 1, 2022; claim is disputed and subject to court adjudication (Receiver seeking directions); not the Debtors' own direct loan but security granted via assignment of proceeds as collateral for third-party (Gill/SCREO 700) indebtedness · page: 7 · as of: as claimed in Second Report, March 5, 2025 · amount: 17000000 · debtor: SCREO I Metrotown Inc. and SCREO I Metrotown L.P. (assignors); underlying borrowers SCREO I Gill Inc. and SCREO I 700 2nd Inc./58508 Alberta Ltd. · creditor: Timbercreek Mortgage Servicing Inc. (via Computershare Trust Company of Canada, as agent, nominee and bare trustee) · currency: CAD · security: Assignment of proceeds from sale of the Real Property (Gill Assignment and SCREO 700 Assignment), dated July 11, 2023, securing obligations under Gill Loan (max facility $30.2 million) and SCREO 700 Loan (aggregate max facility $161.3 million); disputed claim subject to Receiver's request for directions
- closing confirmedscope: the Real Property · outcome: completed · effective: 2024-11-22 · purchaser: City of Burnaby · date basis: stated · approval order date: 2024-11-07
- purchaserCity of Burnaby
- sale outcometext: The Transaction closed on November 22, 2024 and the Receiver's Certificate was filed with this Honourable Court on November 25, 2024. As a result of the Transaction, the Petitioners' debt and the Receiver's borrowings were repaid in full. · scope: whole_business · status: closed