May 7, 2020

Filing Type:

Trustee: KSV Advisory

Trustee Counsel: Bennett Jones

Applicant: Bridging Finance, as Agent

Applicant Counsel: Chaitons

Industry:

Province:

Avenir Sports Entertainment Ltd., the owner of the Western Hockey League's Portland Winterhawks, along with Audible Capital Corp., Avenir Trading Corp, and 1892244 Alberta Ltd. (collectively, the "Debtors"), was placed in receivership on May 7 on application by Bridging Finance, as Agent, owed over $20.5 million. After the Debtors failed to meet payment deadlines to the Agent, the Agent took control of the Portland Winterhawks, which had been put up as collateral when team owner Bill Gallacher took out a loan with the Agent. The Debtors and the Agent also agreed that Audible was to complete a sale of the shares in Swiss Entertainment Company, the owner of Lausanne Hockey Club, by November 2019 and pay approximately $5.0 million to the Agent. However, Audible failed to complete this sale as well as a sale of the Portland Winterhawks in order to repay the Debtors' indebtedness to the Agent. KSV Advisory was appointed receiver. Counsel is Bennett Jones for the receiver, Chaitons for the applicant, and Burnet, Duckworth & Palmer for the Debtors.

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