Ontario · Receivership (court-appointed)
Notice of Application to Appoint Receiver Returnable March 18, 2021
Application / notice of application · 16 March 2021
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: Pre-CCAA Indebtedness under Credit Agreement, approximate amount, repayable on demand; in default; statutory BIA notice period expired · page: 4 · amount: 18500000 · debtor: 2607380 Ontario Inc. · creditor: Meridian Credit Union Limited · currency: CAD · security: Charge/Mortgage in principal amount of $23,000,000.00 registered March 26, 2018 (first ranking against Nuvo Property); General Security Agreement dated January 31, 2018 (PPSA registered)
- secured creditorsnote: DIP Loan under DIP Credit Facility Agreement dated March 3, 2020, as amended by three amending agreements (April 23, 2020, July 10, 2020, November 18, 2020); approximate amount; in default · page: 4 · amount: 7200000 · debtor: 2607380 Ontario Inc. · creditor: Meridian Credit Union Limited · currency: CAD · security: DIP Charge over Nuvo Property, in priority to all claims except administrative charge under CCAA Initial Order
- secured creditorsnote: Subject to intercreditor agreement with Meridian confirming Meridian's priority against the Nuvo Property; amount shown is registered principal, not confirmed balance · page: 5 · debtor: 2607380 Ontario Inc. · creditor: CCCI · currency: CAD · security: Second ranking charge/mortgage against Nuvo Property, registered principal amount $4,500,000
- secured creditorsnote: Subject to intercreditor agreement with Meridian confirming Meridian's priority against the Nuvo Property; amount shown is registered principal, not confirmed balance · page: 5 · debtor: 2607380 Ontario Inc. · creditor: Bridging · currency: CAD · security: Third ranking charge/mortgage against Nuvo Property, registered principal amount $3,250,000