J2ASM Inc., Receivership

J2ASM Inc., which owns a commercial property municipally known as 5205 Satellite Drive, Mississauga, Ontario, was placed in receivership on December 2 on application by BDC, owed approximately $15.5 million.

In 2021, BDC advanced a loan to the company to finance its acquisition of the commercial property and an adjacent property (which has since been sold). The company has not made a scheduled principal payment since March 2023.

The parties entered into a forbearance agreement in June 2024 but the company has defaulted on the terms of that agreement, including by failing to make various scheduled payments. In addition, the tenant of the property, a related party which provided a guarantee, has commenced litigation against the company and BDC, among others, alleging that its guarantee is invalid. 

PwC is the receiver.

Counsel is TGF for BDC, Cassels for the receiver, Manis Law for the company, and Necpal Litigation for Axiom Real-Time Metrics Inc. (the tenant).