On January 21, 2021, BDO Canada Limited was appointed by the Ontario Superior Court of Justice (Commercial List) as Receiver over specific assets of 10268054 Canada Corp.
REQUEST FOR OFFERS TO PURCHASE THE ASSETS, UNDERTAKINGS AND PROPERTIES OF 10268054 CANADA CORP
On January 21, 2021, pursuant to an order (the “Receivership Order”) of the Ontario Superior Court of Justice (Commercial List), BDO Canada Limited was appointed as receiver and manager (the “Receiver”) to exercise the powers and duties as specifically set out in the Receivership Order with respect to the assets, undertakings and properties of 10268054 Canada Corp (the “Company”).
The Receiver is inviting offers for the purchase of the assets, undertakings and properties of the Company. The Company’s principal assets include a residential townhouse development on project lands municipally known as 135 Mandrake Street, Ajax, Ontario. The townhouse project together with the project lands are hereinafter referred to collectively as the “Project”.
The Project was to be developed into 42 townhouses ranging from 1,194 sq. ft. to 1,327 sq. ft. Additionally, the Project was to include 58 parking spaces. Certain site servicing was completed however, construction is currently suspended.
The Receiver requires interested parties to sign a confidentiality and non-disclosure agreement (“the NDA”) prior to gaining access to an encrypted electronic data room (“Data Room”) that contains the Receiver’s Confidential Information Memorandum (“CIM”) and other pertinent information with respect to the Project and the Receiver’s Sale Process. A copy of the NDA can be found here and executed copies should be sent via e-mail to Michael Litwack, [email protected].
The deadline date for the submission of non-binding offers is March 26, 2021.
Gary Cerrato, CIRP, LIT – Senior Vice President
BDO Canada Limited, Corporate FRS