Receivership Proceedings

Receivership Proceedings of Southmount Healthcare Centre Inc., 180 Vine Inc., 2478658 Ontario Ltd., 2009 Long Lake Holdings Inc., 65 Larch Holdings Inc., 100 Colborne Holdings Inc., 240 Old Penetanguish Holdings Inc., Gross Properties Inc., 180 Vine Purchaser Inc., and 2413667 Ontario Inc.

On June 29th, 2021 by Order of the Ontario Superior Court of Justice (Commercial List) (the "Receivership Order"), KPMG Inc. was appointed receiver and manager ("KPMG" or the "Receiver") of, i) Southmount Healthcare Centre Inc., 180 Vine Inc., 2478658 Ontario Ltd., 2009 Long Lake Holdings Inc., 65 Larch Holdings Inc., 100 Colborne Holdings Inc., 240 Old Penetanguish Holdings Inc. (collectively, the "Legal Owners"), and ii) Gross Properties Inc., 180 Vine Purchaser Inc., and 2413667 Ontario Inc. (collectively, the "Beneficial Owners", and together with the Legal Owners, the "Debtors"), but solely in respect of all of the Beneficial Owners' right, title and interest in and to the Legal Owners property, pursuant to section 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and under Section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43.

Sale Process

On October 29, 2021, the Court granted an order, which among other things, approved:

(i) the Receiver's engagement of CBRE as listing broker to assist the Receiver in the marketing and sale of the primary assets of the Legal Owners (being 7 medical office buildings, and one parking lot); and

(ii) the Sale Process, as appended to the order.

Pursuant to the Sale Process, the Receiver, in consultation with the Broker, has revised the Initial Bid Deadline to February 8th, 2022. Any parties interested in purchasing the assets of the Legal Owners may contact the Broker or the Receiver. The contact details of the Broker can be found directly below. A copy of the Sale Process is posted in the "Sale Process" section of this website, below.

Pursuant to the Sale Process, the Receiver, in consultation with the Broker, has determined to initiate a second, binding round of bidding and has set a Qualified Bid Deadline for March 7, 2022. The Qualified Bid Deadline is the deadline by which Qualified Bidders continuing to participate in the Sale Process are required to submit a Binding Offer to the Receiver. The Qualified Bid Deadline has been communicated directly to certain Qualified Bidders which the Receiver, in consultation with the Broker, has determined should advance to the second binding round of bidding.

Broker contact

CBRE Limited
Michael.Bellissimo@cbre.com
Jordan.Lunan@cbre.com

Town Hall

The Receiver will be holding a meeting (the "Town Hall") in respect of the Victoria Avenue North Holdings Inc. and the Southmount Et Al. receivership proceedings (the "Proceedings"). The purpose of the Town Hall is to provide parties claiming a beneficial ownership interest in the properties subject to the Proceedings an update on the Proceedings and the anticipated net proceeds of same, and to offer an opportunity for parties to raise questions directly with the Receiver. The coordinates of the Town Hall are included in the Notice of May 18, 2022 Town Hall attached below.

Parties who wish to join the meeting must register with the Receiver at southmountetal@kpmg.ca.

Bankruptcy Proceedings

100 Colborne et al.

100 Colborne Holdings Inc. ("100 Colborne"), 2478658 Ontario Ltd. ("247 Ontario") and 240 Penetanguish Holdings Inc. ("240 Penetang" and collectively with 100 Colborne and 247 Ontario, "100 Colborne et. al.") filed assignments on the 28th day of June, 2022 and KPMG Inc. was appointed as trustee of the estates of each of the bankrupts by the official receiver, subject to affirmation by the respective creditors of the trustee's appointment or substitution of another trustee by the creditors.

Pursuant to an Order of the Ontario Superior Court of Justice [Commercial List] dated May 24, 2022, the trustee is authorized to carry out its administrative duties and responsibilities as if the bankruptcy proceedings of 100 Colborne et. al. were a single proceeding under the Bankruptcy and Insolvency Act (Canada). As such, the first meeting of creditors of the various 100 Colborne et. al. entities will be consolidated, and will be held on the 14th day of July 2022 at 11:00 AM at: Virtual Meeting or Conference ID: 646205640#, 647-794-1236.

Southmount et al.

Southmount Healthcare Centre Inc. ("Southmount"), and 180 Vine Purchaser Inc. ("Vine Purchaser Co.", and collectively with Southmount, "Southmount et. al.") filed assignments on the 29th day of August, 2022 and KPMG Inc. was appointed as trustee of the estates of each of the bankrupts by the official receiver, subject to affirmation by the respective creditors of the trustee's appointment or substitution of another trustee by the creditors.

Pursuant to an Order of the Ontario Superior Court of Justice [Commercial List] dated July 15, 2022, the trustee is authorized to carry out its administrative duties and responsibilities as if the bankruptcy proceedings of Southmount et. al. were a single proceeding under the Bankruptcy and Insolvency Act (Canada). As such, the first meeting of creditors of Southmount and Vine Purchaser Co. will be consolidated, and will be held on the 15th day of September 2022 at 11:00 AM at: Virtual Meeting or Conference ID: 802661754#, 647-794-1236.

Contact information

southmountetal@kpmg.ca

416-777-8214

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