125 Ferris Inc., the owner of a commercial property located in North Bay, Ontario, filed an NOI on July 8 listing approximately $6.2 million in liabilities, including $5.9 million to Laurentian Bank.

Due to various factors, including the tenant of the property electing not to renew its lease, the company is no longer able to finance its business. In addition, Laurentian Bank has formally demanded repayment of its loan and issued a notice of intention to enforce its security.

The purpose of the NOI is to conduct a sale process, with Jones Lang Lasalle marketing the property and a sale date targeted by December 23, 2024. Laurentian Bank will be providing a DIP loan.

KSV is the proposal trustee.

Counsel is Dentons for 125 Ferris, Aird & Berlis for the proposal trustee, and TGF for Laurentian Bank.