December 3, 2020
2423402 Ontario Inc., a special purpose entity that is wholly owned by Bondfield Construction Company Limited, was assigned into bankruptcy by its court-appointed receiver, Alvarez & Marsal, which was certified on December 3, 2020. The company was previously placed in receivership on December 6, 2018 on application by BMO, as administrative agent for a syndicate of lenders owed approximately $122.2MM. The company had no significant assets other than the contracts for the development, construction and completion of the Cambridge Memorial Hospital, a $187.0MM, fixed price project. The company did not perform the construction itself but rather contracted the work back to Bondfield. Counsel is McCarthy Tétrault for BMO, Blakes for the receiver, and Osler for Bondfield.