Court File and Parties

Court File No.: CV-16-00011389-00CL
Date: 2025-01-27
Court: Superior Court of Justice - Ontario

In the Matter of the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended

And in the Matter of a Plan of Compromise or Arrangement of:

Urbancorp Toronto Management Inc., Urbancorp (St. Clair Village) Inc., Urbancorp (Patricia) Inc., Urbancorp (Mallow) Inc., Urbancorp (Lawrence) Inc., Urbancorp Downsview Park Development Inc., Urbancorp (952 Queen West) Inc., King Residential Inc., Urbancorp 60 St. Clair Inc., High Res. Inc., Bridge on King Inc. (collectively, the “Applicants”) and the affiliated entities listed in Schedule “A” hereto.

Applicants

Before: Geoffrey B. Morawetz

Counsel:

• Danny Nunes, for the Applicant, Urbancorp Toronto Management Inc.
• Robin Schwill, for the Monitor, KSV Kofman Inc.
• Neil Rabinovitch, for the Israeli Functionary of Urbancorp Inc.

Heard: January 27, 2025

Endorsement

[1] The Applicants bring this motion for an order:
(a) extending the Stay Period (as defined in paragraph 17 of the Initial Order) until August 29, 2025;
(b) approving the Sixty-first Report of the Monitor dated January 22, 2025 (the “Sixty-first Report”) and the activities described therein; and
(c) approval of the fees and disbursements of the Monitor, Monitor’s counsel, and Applicant’s counsel, for the periods referenced in the Fee Affidavits attached to the Sixty-first Report.

[2] There was no opposition to the motion.

[3] The Sixty-first Report details the recent progress that has been made in this matter. The remaining substantive matter is the winding-up of certain of the Geothermal Asset Owners which requires the Monitor to obtain clearance certificates from Canada Revenue Agency (“CRA”) before the Monitor can distribute all residual funds. The Monitor has filed the necessary tax returns and is communicating on a regular basis with CRA with respect to the outstanding issues.

[4] The cash-flow statements prepared by the Monitor indicate that the Applicants have sufficient cash to fund these proceedings for the proposed extended Stay Period.

[5] I am satisfied that the Applicants are working in good faith and with due diligence and that the request to extend the Stay Period is reasonable in the circumstances.

[6] I am also satisfied that it is appropriate to approve the Sixty-first Report and the activities described therein.

[7] I am also satisfied that the requested fees and disbursements are reasonable in the circumstances and they are approved.

[8] The motion is granted and the order has been signed.

Geoffrey B. Morawetz
Date: January 27, 2025