Grmada Holdings Inc., the owner of real property known as 3750, 3748 and 3742 Bathurst Street, North York, Ontario, was placed into receivership on June 18 on application by Arend Corporation et al., owed approximately $28.5 million.

Arend and the other lenders advanced a loan to the company in 2023 which matured in February 2024 without repayment. The loan was amended and extended but the company failed to pay the interest-only loan. The parties then entered into a forbearance agreement, which has long since expired without payment.

TDB Restructuring is the receiver.

Counsel is RAR Litigation for Arend and Aird & Berlis for Grmada.