The applicants, senior secured lenders, sought the appointment of a receiver over the assets of "The One" mixed-use construction project due to financial and covenant defaults by the borrower.
The project, significantly delayed and over budget, had outstanding debt of approximately $1.235 billion.
The appointment of Alvarez & Marsal Canada Inc. as receiver was unopposed by any key stakeholder.
The court granted the application, appointed the receiver, approved a super-priority receivership funding credit agreement of up to $315 million, and issued a stay of proceedings, finding it just and convenient to stabilize the situation and maximize recovery for all stakeholders.
