33 Laird Inc., 33 Laird GP Inc. and 33 Laird Limited Partnership

33 Laird Inc., 33 Laird GP Inc. and 33 Laird Limited Partnership, entities created for the purpose of pursuing a commercial real estate development project in Toronto, Ontario, each filed an NOI on November 28. The project is in the early stages of construction, with part of the structural work complete, but very little mechanical or electrical work and no finishing work. The Project was principally financed through secured loan facilities with DUCA Financial Services Credit Union Ltd. (“DUCA”). DUCA made a demand on its loan and security on November 19, having identified various financial issues with the project, including cost overruns, the impact of the COVID-19 crisis on costs, timeline to complete, and also potential viability of the proposed tenants, which would impact takeout financing at the end of the project in order to allow DUCA as the construction lender to exit. MNP was appointed proposal trustee. Counsel is Goldman Sloan Nash & Haber for the companies and Weisz Fell Kour for MNP as proposal trustee.