Ontario · Receivership (court-appointed)
Motion Record of the Applicant, returnable
Application / notice of application · 15 February 2019
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 filing2 verified
- secured creditorsnote: No outstanding balance stated in this document; only an approximate accrual rate is given (~$1 million/month accruing jointly under Meridian's and Romspen's security since the Receiver's appointment on December 3, 2018, per para 6). TJT Financial's proposed $25M financing commitment (para 8-9) contemplates discharging Romspen's security, but is a proposed/unaccepted transaction, not Romspen's balance. · page: 16 · debtor: Atlas Healthcare (Richmond Hill) Ltd., Atlas (Richmond Hill) Limited Partnership, Atlas Shouldice Healthcare Ltd., Atlas Shouldice Healthcare Limited Partnership, Atlas Healthcare (Brampton) Ltd., Atlas (Brampton) Limited Partnership · creditor: Romspen Investment Corporation · currency: CAD · security: Mortgage security over the Debtors' real properties (Richmond Hill Project and Shouldice Property); Romspen is described as a commercial mortgage lender
- secured creditorsnote: No outstanding balance stated. As of Feb 8, 2019 Meridian's counsel confirmed Meridian was unwilling to remain in the Project on the terms contemplated by the TJT Financial commitment (which would have required Meridian to consent to a subordinate $25 million mortgage being registered behind it). · page: 19 · debtor: Atlas Healthcare (Richmond Hill) Ltd., Atlas (Richmond Hill) Limited Partnership (the Richmond Hill Project) · creditor: Meridian Credit Union Limited · currency: CAD · security: First mortgagee of the Richmond Hill Project