11977636 Canada Inc., a Hamilton, Ontario-based holding company which owns certain commercial, income-generating real properties in Watford and Hamilton, was placed into receivership on February 11 on application by BMO, owed over $2 million.

The company has committed various defaults under its credit agreement with BMO, including monetary defaults. BMO shared a draft forbearance agreement with the company, but the company failed to execute the agreement or repay the indebtedness.

msi Spergel Inc. is the receiver.

Counsel is Aird & Berlis for BMO.