2284649 Ontario

2284649 Ontario, a Markham, Ontario-based owner and developer of certain lands in Waterloo, Ontario, including a student housing residence known as Blair House, was placed in receivership on February 6 on application by China Machinery Engineering Corporation ("CMEC"), owed approximately $59.0MM (USD). The company potentially owes CMEC an additional $11.0MM (USD), but it disputes this amount. CMEC had provided a secured loan of $61.4MM (USD) to the company in order to fund the construction of student housing buildings. KSV Advisory was appointed receiver. Counsel is Davies for the applicant and DLA Piper for the receiver.