British Columbia · CCAA
Filed Petition to the Court (April 1, 2022)
Application / notice of application · 1 April 2022
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What we verified from this filing8 verified · 4 withheld
- appointeeAlvarez & Marsal Canada Inc.
- appointee roleproposed monitor
- secured creditorsnote: Second-lien lenders; related parties — current 2ML Lenders are unitholders of the LP or entities associated with unitholders of the LP. Document states total of 'approximately $76.7 million' (para 46), comprising principal claimed $47,528,816 and interest/other amounts $29,163,939 (including $1,187,755 in fees and costs), both as at Jan 31, 2022. 2ML Credit Agreement max principal $60 million; not a committed facility. J.V. Driver Investments Inc. exercised right to direct the 2ML Agent as of March 22, 2021. · page: 11 · as of: 2022-01-31 · amount: 76700000 · debtor: 0989705 B.C. Ltd., Alderbridge Way GP Ltd., Alderbridge Way Limited Partnership (Petitioners, as borrowers) · creditor: 2ML Lenders (R. Jay Management Ltd., J.V. Driver Investments Inc., MNB Enterprises Inc., G. Wong Holdings Inc., Gatland Development Corporation, REV Investments Inc., Voth Developments Ltd., Inland Consulting Ltd., Dennis Schwab, Lesley Schwab, South Street (Alderbridge) Limited Partnership), via 2ML Agent 1185678 B.C. Ltd. · currency: CAD · security: Second-ranking mortgage and assignment of rents over the Real Property, registered principal amount $60,000,000 (2ML Mortgage); beneficial direction and charge agreement; guarantees from the Guarantors, with limited guarantees from G. Wong Holdings Inc. and MNB Enterprises Inc.
- secured creditorsnote: Senior secured construction lender; suspended draws March 2020. Romspen Credit Facility: committed $212M, non-revolving, up to maximum principal $422M; loan fee $10,550,200 (~$7M paid). Exact dated balance used is from Romspen Demand letter dated Feb 22, 2021 ($157,885,395.55 as at Feb 10, 2021). Prose approximations elsewhere: 'in excess of $158 million' (Feb 2021 demand, para 8); Romspen claims ~$143.6M advanced as at March 31, 2020 and ~$175M owing as at Feb 28, 2022. Summary table (p.16) states components (not summed): principal claimed $143,600,000 as at March 31, 2020 plus interest $31,400,000 as at Feb 2022. · page: 12 · as of: 2021-02-10 · amount: 157885395.55 · debtor: 0989705 B.C. Ltd., Alderbridge Way GP Ltd., Alderbridge Way Limited Partnership (Petitioners, as co-borrowers) · creditor: Romspen Investment Corporation · currency: CAD · security: First-ranking mortgage and assignment of rents over the Real Property, registered principal amount $422,000,000 (Romspen Mortgage); beneficial direction and charge agreement; personal property security agreements from Petitioners and Guarantors; share and unit pledges; guarantees from Gatland Development Corporation, REV Holdings Ltd., REV Investments Inc., South Street Development Managers Ltd., South Street (Alderbridge) Limited Partnership, and personal guarantees from Samuel Hanson and Brent Hanson (directors/related parties).
- secured creditorsnote: GEC Demand dated June 9, 2021 states full amount owing under GEC Mortgage was $94,106,654.14 as at June 8, 2021, with interest at 15% per annum; this is the exact dated demand figure used as amount. GEC PDA Deposit of $60,000,000 paid as of Nov 1, 2019 was utilized to advance the Development. Summary table (p.16) separately lists (not summed): deposit/principal $60,000,000 as at July 7, 2021 and interest $35,214,147.67 as at July 7, 2021 (different date than the demand letter). · page: 13 · as of: 2021-06-08 · amount: 94106654.14 · debtor: 0989705 B.C. Ltd. (registered owner of Real Property); Alderbridge Way Limited Partnership (beneficial owner/counterparty to GEC PDA) · creditor: Global Education City (Richmond) Limited Partnership (GEC), guaranteed by CIBT Education Group Inc. · currency: CAD · security: Third-ranking mortgage against the Real Property, registered principal amount $65,000,000 (GEC Mortgage), granted in connection with the GEC PDA Deposit.
- financial positionnote: Total assets stated as $351,356,154, comprising cash $67,783, trust deposits $49,298,494, deferred management fees $3,437,989, and construction in progress $298,551,888. Total liabilities not summed by the document; components stated (not to be added): accounts payable and accrued liabilities $83,440,954; secured liabilities under credit facilities $199,415,200; GEC PDA Deposit $60,000,000. Partners' capital stated at $8.5 million (LP December 2020 Financial Statements). Document also notes $251,992,049.69 has been demanded (per First Affidavit of Graham Thom), separate from the balance-sheet liability figures. · page: 14 · as at: 2020-12-31 · basis: unaudited (LP 2020 Financial Statements) · scope: Alderbridge Way Limited Partnership (LP) entity-level; not stated as consolidated with GP or 098 · currency: CAD · total assets: 351356154
- secured creditorsnote: Property taxes due and owing on the Real Property for the years 2020 and 2021, as of March 3, 2022. · page: 16 · as of: 2022-03-03 · amount: 1673668.85 · debtor: 0989705 B.C. Ltd. (registered owner of the Real Property) · creditor: City of Richmond (property tax arrears) · currency: CAD · security: Statutory property tax lien on the Real Property.
- secured creditorsnote: Document states Petitioners have 'one further secured creditor with a registered financing statement related to certain equipment' at the BC PPSA registry; amount not stated. · page: 16 · debtor: Petitioners · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Registered financing statement over certain equipment at the British Columbia Personal Property Registry.
4 extracted values are withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.