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- 0989705 B.C. Ltd., Alderbridge Way GP Ltd., and Alderbridge Way Limited Partnership
0989705 B.C. Ltd., Alderbridge Way GP Ltd., and Alderbridge Way Limited Partnership
0989705 B.C. Ltd., Alderbridge Way GP Ltd., and Alderbridge Way Limited Partnership, Richmond, British Columbia-based real estate development companies, were granted CCAA protection on April 1. The companies have spent several years developing a high-density, mixed-used construction project, which will comprise seven mid-rise towers atop a multi-level podium with three levels of underground parking. In March 2020, citing the effects of COVID-19 and the economic outlook, Romspen Investment Corporation, the companies’ senior secured construction lender, suspended all further draws and advances under the companies’ construction facility. The companies spent the next year seeking alternative construction financing, economic concessions from project proponents, and additional injections of equity, while securing several further advances from the companies’ second-lien lenders (the "2ML Lenders"). However, the companies were unable to secure the considerable replacement construction financing that the development required. Currently, the companies have completed the major pre-construction phases of the development, pre-sold a significant portion of the development and largely finished the major undertaking of site excavation and off-site civil work. They have worked with their 2ML Lenders on a restructuring transaction to be effected by way of a credit bid that would, among other things, see Romspen and any other priority claims paid and a significant portion of the 2ML Lenders’ debt converted to equity and, concurrently with the development of a credit bid, a sale and investment solicitation process run with the assistance of a monitor with enhanced powers. A&M was appointed monitor. Counsel is Dentons for the companies; Fasken Martineau for A&M as monitor; Blakes for Romspen; Nathanson, Schachter & Thompson (counsel) and KPMG (advisors) for CIBT Education Group Inc., GEC Education City (Richmond) Limited Partnership and GEC (Richmond) GP Inc.,; McMillan for R. Jay Management Ltd. and MNB Enterprises Inc.; Digby Leigh & Co. for MNB Enterprises Inc.; Bennett Jones for JV Driver Investments Inc.; McCarthy Tetrault for Metro-Can Construction (AT) Ltd.; and McLean & Armstrong for Metro-Can Construction (AT) Ltd.