Ontario · CCAA
Thirty-Third Report of the Monitor dated September 28, 2026.pdf
Court officer report · 28 September 2026
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 filing14 verified
- secured creditorsnote: Report describes the Plan Sponsor and the Surety as the first and second ranking secured creditors; financing and interest charges to both have accrued. Outstanding balance owed to the Surety not stated. Proposed transaction provides no recovery to the Surety (no amounts available for distribution to other creditors). · page: 5 · debtor: Hazelton Development Corporation · creditor: Aviva Insurance Company of Canada and Westmount Guarantee Services Inc. (the Surety) - second-ranking secured creditors per report · currency: CAD · security: Sixth-ranking charge against the Project Lands in favour of Westmount in the amount of $30,000,000 (a charge amount, not a stated balance); originally $22,000,000 in the April 2022 Amended Initial Order. Surety Advance Charge (third) max $350,000 plus interest, fees and expenses.
- unsecured creditorsnote: Aggregate amount not stated; individual trade creditors not named here. Some are lien claimants (see secured entries). No amounts available for distribution to other creditors except potentially via the Lien Bonds. · page: 5 · basis: Report states many post-filing trade creditors who worked on the Project have not been paid following demobilization notices from March 6, 2026 · debtor: Hazelton Development Corporation · creditor: Post-filing trade creditors (unpaid, aggregate) · currency: CAD
- secured creditorsnote: Bonds posted to discharge lien registrations; aggregate is the total of the three bond amounts as stated. Other lien claimants may assert a right to share in distribution under s.44 of the Construction Act. Treatment to be addressed after closing; only potential source of distribution to creditors other than professional fees. · page: 11 · amount: 4369943.48 · debtor: Hazelton Development Corporation · creditor: Lien Bonds posted with the Court (City Electric Inc., Stellar Formwork Ltd., Gillam Urban Constructors Inc. actions) · currency: CAD · security: Three bonds under the Construction Act: $1,757,492.60 (City Electric Inc.), $1,166,721.33 (Stellar Formwork Ltd.), $1,445,729.55 (Gillam Urban Constructors Inc.)
- secured creditorsnote: 24 lien claimants delivered 26 Lien Notices; aggregate asserted claims approximately $10,802,325.50. Amounts are as asserted in Lien Notices, not validated; no claims process established. Excludes lien claimants discharged upon posting of the Lien Bonds. · page: 12 · as of: date of the Thirty-Third Report (September 28, 2026) · amount: 10802325.5 · debtor: Hazelton Development Corporation · creditor: Lien claimants (LRO Charge) · currency: CAD · security: Tenth-ranking LRO Charge, to a maximum equal to the aggregate value of all liens according to the Lien Notices; Lien Charge ranks subordinate to the CCAA Charges.
- secured creditorsnote: Outstanding balance not stated. DIP Lender did not fund in response to Company requests (Material Adverse Change notice April 14, 2026). · page: 13 · debtor: Hazelton Development Corporation · creditor: Triumph Eastern Investments Inc. (First DIP Lender) · currency: CAD · security: First DIP Lender's Charge, seventh-ranking, to a maximum of $104,708,099 plus interest, fees and expenses (charge ceiling, not a stated balance); originally $1,547,254 in April 2022, increased to $8 million at the comeback motion and by subsequent orders.
- secured creditorsnote: Report states the DIP Lender is the beneficiary of two Court-ordered charges ($104,708,099 and $3,000,000). Outstanding balance not stated. · page: 13 · debtor: Hazelton Development Corporation · creditor: Triumph Eastern Investments Inc. (Second DIP Lender's Charge) · currency: CAD · security: Second DIP Lender's Charge, ninth-ranking, to a maximum of $3,000,000 (charge ceiling, not a stated balance).
- secured creditorsnote: Outstanding balance not stated on these pages. Report says offers received were for less than the indebtedness owing to the Plan Sponsor. Facility maturity extended to March 1, 2026; no further extension secured. Retained Liability that remains with the Company on closing. · page: 14 · debtor: Hazelton Development Corporation · creditor: Plan Sponsor (Firm Capital Mortgage Fund Inc.) - Plan Sponsor Facility / Plan Sponsor's Charge · currency: CAD · security: Court-ordered Plan Sponsor's Charge, second-ranking, to a maximum of $80 million; facility makes up to $80 million available on a cost-to-complete basis. $80 million is the facility limit / charge ceiling, not a stated outstanding balance. To be credit bid under the Subscription Agreement.
- secured creditorsnote: Balance not stated. · page: 14 · debtor: Hazelton Development Corporation · creditor: Second Administration Charge beneficiaries · currency: CAD · security: Fourth-ranking, maximum $675,000 (charge ceiling)
- secured creditorsnote: Balance not stated. · page: 14 · debtor: Hazelton Development Corporation · creditor: Directors' Charge beneficiaries · currency: CAD · security: Fifth-ranking, maximum $100,000 (charge ceiling)
- secured creditorsnote: Balance not stated. · page: 14 · debtor: Hazelton Development Corporation · creditor: Third Administration Charge beneficiaries · currency: CAD · security: Eighth-ranking, maximum $700,000 (charge ceiling)
- secured creditorsnote: Outstanding municipal property taxes are a Retained Liability; the Monitor is aware of no other unregistered interests or statutory priority claims. Statutory/quasi-governmental claim; amount not stated. · page: 20 · debtor: Hazelton Development Corporation · creditor: Municipal property tax arrears (City of Mississauga / municipality) · currency: CAD
- unsecured creditorsnote: Aggregate deposit amount not stated on these pages. Pre-Sale Purchasers' rights are subordinate to Company's financing under paragraph 15 of the agreement of purchase and sale. Three remaining Compensation Option Electors had a Claims Bar Date of August 10, 2025. · page: 25 · basis: 48 remaining Pre-Sale Contracts to be terminated and disclaimed under the RVO; Purchase Option Electors will have claims for deposits paid, which may be asserted against Tarion Warranty Corporation and/or the Surety · debtor: Hazelton Development Corporation · creditor: Pre-Sale Purchasers / Purchase Option Electors (deposit claims) · currency: CAD
- unsecured creditorsnote: Stated as approximately $1.58 million; partly secured by Administration Charges and satisfied in part from the $802,000 Cash Consideration. Representative Counsel (Cassels Brock & Blackwell LLP) is not a beneficiary of any Court-ordered charge and has arrears of approximately $15,000. · page: 26 · as of: 2026-08-20 · basis: Monitor's report: total professional fee arrears of $1.58 million as of August 20, 2026 · amount: 1580000 · debtor: Hazelton Development Corporation · creditor: Professional fee arrears (Monitor, Transaction Advisor, Monitor's counsel, Company's counsel, Representative Counsel) · currency: CAD
- secured creditorsnote: Charge maximum of $400,000; to be satisfied in full from the $400,000 portion of the Cash Consideration, distributed to the Monitor ($82,763.16), Transaction Advisor ($40,529.64), Thornton Grout Finnigan LLP ($65,753.05) and Miller Thomson LLP ($210,954.15). Court-ordered charge in favour of professionals, not a conventional lender. · page: 27 · amount: 400000 · debtor: Hazelton Development Corporation · creditor: Beneficiaries of First Administration Charge (professionals) · currency: CAD · security: First Administration Charge, first-ranking, maximum $400,000