AMC&F Properties Ltd. and Lyncorp Manufacturing Ltd., Receivership

AMC&F Properties Ltd., which owns a two-storey, single-tenant industrial manufacturing building located south of Calgary, Alberta, and Lyncorp Manufacturing Ltd., a manufacturer of structural, platework, piping and machined components, were placed in receivership on February 26, on application by BMO, the first secured lender, owed approximately $7.8 million.

AMC&F Properties, the borrower under the BMO loan, leases the building to Lyncorp, which guaranteed the loan.

The companies have been attempting to sell the property and the business or refinance the loan since 2019. No transaction has materialized and the companies failed to make their regularly scheduled payments to BMO on October 31, 2023.

Following the expiry of a forbearance period, BMO brought the receivership application.

A&M is the receiver.

Counsel is Blakes for BMO, Osler for the receiver and Fasken for Provida Financial (the second secured lender, owed approximately $5.7 million).

By: Dina Milivojevic