772921 Alberta Inc., Spruce it Up Land Corp. and Ridge Meadows Properties Limited, Receivership

772921 Alberta Inc. (“772”), Spruce it Up Land Corp. (“SIU”) and Ridge Meadows Properties Limited (“Ridge Meadows”), subsidiaries of Carey Management Inc., the ultimate parent of a distribution and logistics business, were placed in receivership on November 17 on application by CIBC as agent. Carey Management, along with subsidiaries Wallace & Carey Inc. and Loudon Bros Limited, previously obtained CCAA protection on June 22 after facing unprecedented challenges due to the COVID-19 pandemic. A SISP was conducted in the CCAA proceedings, resulting in a transaction with 7-Eleven Canada Inc. which includes the sale of 772’s assets, including two warehouses and two leases for properties located in Calgary and Nanaimo. The purpose of the receivership is to facilitate the transaction with 7-11. KSV was appointed receiver. Counsel is Norton Rose Fulbright for CIBC, Miller Thomson for the CCAA debtors, McCarthy Tétrault for CWB and DLA Piper for 7-11.

By: Dina Milivojevic