1414614 Ontario, Receivership

1414614 Ontario ("Ottawa Trainyards"), a 26-acre big box shopping plaza in central Ottawa with dozens of stores ranging from brand fashion to sportswear and restaurants, was placed in receivership on June 3 on application by The Manufacturer’s Life Insurance Company (“Manulife”), owed approximately $40 million.

In 2018, Manulife advanced a loan to Ottawa Trainyards. The loan matured in February 2024, but Ottawa Trainyards has failed to repay the loan and has largely been non-responsive to Manulife’s repeated communications regarding the obligation to repay the loan, both before and after the maturity date.

Grant Thornton is the receiver.

Counsel is Miller Thompson for Manulife and Baker McKenzie for the receiver.