September 24, 2020
2505243 Ontario Limited, a Vaughan, Ontario-based company that is part of a broader group of companies which operates in the hospitality business (the "Group"), filed an NOI on September 24 in response to the filing of an application for a bankruptcy order by Princes Gates GP Inc. and Princes Gates Hotel Limited Partnership (collectively, "PGH"). The company, listing approximately $8.2 million in liabilities, previously provided food, beverage, and catering services at the Hotel X Toronto, which is operated by PGH. Since the deadline for the company to file a proposal expires on October 24, the company requested a deadline extension to allow it to pursue its litigation claim against PGH and seek to realize upon any other assets. Peter and Paul's Gifts Limited, a related party and member of the Group, has agreed to provide funding to the company for its proposed extension period. KSV Advisory is the proposal trustee. Norton Rose Fulbright is counsel to the company.