SISP

On March 27, 2020, PricewaterhouseCoopers Inc. was appointed as Receiver, of all of the assets, undertakings and properties of, inclusive of the condominium project in downtown Toronto located at 480-494 Yonge Street, otherwise known as the Halo Residences (collectively, “Halo” or the “Property”), of The Clover on Yonge Inc. and The Clover on Yonge Limited Partnership (collectively, the “Companies”).  The Companies are controlled by the Cresford group of companies.

On June 11, 2020, the Court granted an order (the “SISP Approval Order”) authorizing the Receiver to commence a sale and investor solicitation process (the “SISP”) in respect of Halo.  Unless otherwise defined, capitalized terms used on this page of the website shall be as defined in the SISP Approval Order.

The full text of the SISP as well as its terms and conditions are set out in Schedule “A” to the SISP Approval Order, a copy is attached available below.

The purpose of the SISP is to seek and implement proposals from Participating Bidders to acquire the Property or invest in or refinance the Business. The SISP is designed to be a broad and flexible process to canvass a sale proposal and/or an investment proposal to repay existing indebtedness of the Company and provide additional financing to complete construction of the Property. The Receiver has retained CBRE Limited (the “Broker”) to assist in the development and execution of the SISP and related marketing strategy.

The marketing of the Opportunity, and negotiation with Potential Bidders described in the SISP will be conducted by the Broker on behalf of, and under the supervision of the Receiver.

The following table sets out the key milestones of the SISP.

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The Applicants or their affiliates may participate in the SISP either by way of i) submitting a Protective Credit Bid (in a value that does not exceed its Lender Claims and all amounts ranking equal to or ahead of its Lender Claims) shortly after the end of Phase 1; or ii) by acting as a Participating Bidder by informing the Receiver on or before June 5, 2020, in which case the Secured Creditor’s bid may exceed the value of a Protective Credit Bid. However, upon so informing the Receiver (unless and until the Applicants irrevocably cease to be a Participating Bidder or are eliminated as bidders in the SISP), the Applicants shall not be entitled to receive information regarding the bids received and to consult with the Receiver at various stages in the SISP.

To obtain further information regarding the SISP interested parties will be required to sign a non-disclosure agreement. For additional information concerning the SISP, please contact the Receiver or the Broker at:

The Receiver:
PricewaterhouseCoopers Inc. LIT,
PwC Tower 18 York Street,
Suite 2600 Toronto
ON M5J 0B2
Attn: John McKenna and Mica Arlette
Direct Dial: (416) 941-8314 and (416) 814-5834
Facsimile: (416) 365 8215
E-mail: john.p.mckenna@pwc.com and mica.arlette@pwc.com

The Broker:
CBRE Limited
Attn: Peter Senst
Direct Dial: (416) 815-2355
Facsimile: (416) 362-8082
E-mail: peter.senst@cbre.com