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RioCan-HBC Limited Partnership - Motion Materials
The following motion materials have been filed in the proceedings:
 Application Record |
May 29, 2025 |
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The Applicants make an application for an order (the "Appointment Order") substantially in the form to be included with the application record, granting, among other things, the following relief: (a) appointing FTI Consulting Canada Inc. ("FTI") as receiver and manager (in such capacity, and not in its personal or corporate capacity, the "Receiver"), without security, in respect of all of the assets, undertakings and properties of RioCan-HBC Limited Partnership (the "RioCan-HBC JV"), RioCan-HBC General Partner Inc. (the "JV General Partner"), HBC YSS 1 Limited Partnership ("YSS 1"), HBC YSS 1 LP Inc. ("YSS 1 LP"), HBC YSS 2 Limited Partnership ("YSS 2"), HBC YSS 2 LP Inc. ("YSS 2 LP"), RioCan-HBC Ottawa Limited Partnership (the "Ottawa LP"), RioCan-HBC (Ottawa) Holdings Inc. (the "Ottawa Nominee"), and RioCan-HBC (Ottawa) GP, Inc. (collectively, the "0JV Entities" and each individually, a "JV Entity"); (b) ordering that the Receiver shall be at liberty and is empowered to borrow from RioCan, and/or any other persons, provided that the outstanding principal amount does not exceed $20 million for the purpose of funding the business of the JV Entities or the exercise of the powers and duties conferred upon the Receiver by the Appointment Order; (c) granting the Receiver a charge over all of the Property (the "Receiver's Charge") as security for the Receivership Costs incurred both before and after the granting of the proposed Appointment Order; (d) ordering that the Receiver shall allocate the costs of the receivership proceedings, including, without limitation, the reasonable fees and expenses of the Receiver and its counsel incurred both before and after the granting of the Appointment Order in respect of these proceedings, the Receiver's Borrowings, and any other reasonable general costs incurred (collectively, the "Receivership Costs"), against each of the JV Properties, in such amounts as the Receiver determines to be fair and reasonable; (e) ordering that any agent or Secured Lender, as applicable, which holds a first priority charge or other security interest registered against any JV Property (in each case, a "Priority Secured Lender" and such JV Property, the "Priority Collateral"), may, at any time, serve on the Receiver, RioCan, the other Secured Lenders, and HBC the Termination Certificate advising that such Priority Secured Lender wishes to terminate these receivership proceedings in respect of the relevant Priority Collateral, and effective as of 12:01 a.m. (Toronto time) on the day that is seven days after service of the Termination Certificate, the Receiver shall be discharged as Receiver of the relevant Priority Collateral; (f) staying all proceedings against or in respect of the JV Entities or their Property, except with the written consent of the Receiver or with leave of this Court; and (g) such further and other relief as this Honourable Court may deem just. | |
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