Alaska - Alberta Railway Development Corporation ("A2A Rail"), 7198362 Manitoba Ltd. and 12703131 Canada Ltd.,

Alaska - Alberta Railway Development Corporation ("A2A Rail"), 7198362 Manitoba Ltd. and 12703131 Canada Ltd., which intended to build a new railway connecting northern Alberta to Alaska, were deemed bankrupt on July 12, along with shareholder Sean Frederick McCoshen. The companies and McCoshen had previously filed NOIs on June 18 after PwC, in its capacity as receiver of A2A Rail's main lender Bridging Finance, issued demands for the repayment of the approximately $212.9 million owed to Bridging. PwC has advised that it will not support any proposal put forward by the debtors and, given its concerns with respect to the improper use of advances under the loan, wants the assets of the debtors to be placed under the care and control of a court officer. MNP was appointed interim receiver of A2A Rail and bankruptcy trustee of all the companies. Farber is the trustee of McCoshen's bankrupt estate. Counsel is TGF and McLennan Ross for PwC, Lawson Lundell for MNP and MLT Aikins for Farber.