Proceedings.

RioCan-HBC Limited Partnership et al.

Follow
Active
Proceeding
Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
Court
Ontario Superior Court of Justice
File
CV-25-00744295-00CL
Filings held69
Last activity15 Sep 2026
On the record475 days
Secured debt$202M
OverviewSummary updated

RioCan-HBC Limited Partnership et al. has been in court-appointed receivership in Ontario since June 3, 2025 under BIA s. 243 and provincial Judicature Act authority, and the estate is now working through the disposition of its remaining real property. Four properties have been sold: Devonshire on June 5, 2026 for net proceeds of $4,307,000; Ottawa on June 15, 2026 for $21,092,000; and Vancouver on June 24, 2026 for net proceeds of $4,307,000. The Calgary sale was expected to close on or before July 27, 2026, with estimated net proceeds filed in a sealed confidential appendix. The Montreal property, mortgaged to Royal Bank of Canada, remains subject to a marketing process. As of July 17, 2026 the Receiver reported shortfalls of 48% to 93% across the secured lenders, whose obligations currently due include $212,169,000 on Vancouver, $113,089,000 on Calgary, $59,547,000 on Devonshire and $45,954,000 on Ottawa.

Proceedings AIAsk this case — answers cite the filings
Ask in plain language. The answer comes only from this case’s filings, each one cited.
Enter to send · Shift+Enter for a new line
Case updates70 dated entries
#Report

The officer filed report no. Seventh Report. The Receiver has sold or is finalizing sales of the JV Entities' remaining real properties (Ottawa, Devonshire, Vancouver completed; Calgary pending), leaving a remaining Montreal property under marketing and collection of JV Rent Charge amounts as the main ongoing tasks before winding down the receivership.

Source: Seventh Report of the Receiver

#Sale

The court granted an approval and vesting order for the sale to RPMG Holdings Ltd. Closing terms, as extracted: vesting to occur upon delivery of a Receiver's Certificate; net proceeds stand in place of Purchased Assets.

Source: Vancouver APS

#Order

The court appointed FTI Consulting Canada Inc. as receiver and manager, on the application of RioCan Real Estate Investment Trust, RioCan Holdings Inc., RioCan Holdings (Oakville Place) Inc., RioCan Property Services Trust and RC Holdings II LP, RC NA GP 2 Trust and RioCan Financial Services Limited. Court file CV-25-00744295-00CL.

Source: Appointment Order (appointing Receiver)

#Order

RioCan-HBC Limited Partnership et al. — Receivership filed, Ontario.

AnalysisAll insights⁠

Case update

RioCan-HBC: numbers where the names used to be

The RioCan–Hudson's Bay joint-venture entities have been renamed as bare Ontario numbers. Three of their four malls have sold, and FTI's seventh report puts the secured lenders' shortfalls at between 48% and 93% before a dollar of the $129.1 million on hand is paid out.

Case update

RioCan-HBC: $400,000 in Yorkdale costs against the estate, not the receiver

A receiver asked the court to approve a sublease of the former Hudson's Bay space at Yorkdale. The landlord opposed and won, then sought $707,229 in costs — and asked that the receiver pay them personally. Kimmel J. refused personal liability, charged the estate instead, and explained why the party actually bearing the loss is the secured creditor that designed the transaction.

Parties

Debtor

RioCan-HBC Limited Partnership et al.

Applicant

RioCan

Receiver

FTI

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice OsborneOntario Superior Court of Justice6 orders, May 2026146 cases on record
Justice KimmelOntario Superior Court of Justice5 orders, May 2026 – Jul 2026182 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverFTINorton Rose Fulbright Canada LLP23 Oct 2025Service list · 23 Oct 2025
ApplicantRioCanGoodmans LLP23 Oct 2025Service list · 23 Oct 2025
DebtorRioCan-HBC Limited Partnership et al.Stikeman Elliott LLP23 Oct 2025Service list · 23 Oct 2025
CreditorCCAA ProceedingsBennett Jones LLP23 Oct 2025Service list · 23 Oct 2025
CreditorDavid BishTorys LLP23 Oct 2025Service list · 23 Oct 2025
CreditorDesjardins Financial Security Life Assurance CompanyMcCarthy Tétrault LLP23 Oct 2025Service list · 23 Oct 2025
CreditorKyle PlunkettAird & Berlis LLP23 Oct 2025Service list · 23 Oct 2025
CreditorOxford Properties Group et alThornton Grout Finnigan LLP1 May 2026Factum · 1 May 2026
CreditorPathlight CapitalOsler, Hoskin & Harcourt LLP23 Oct 2025Service list · 23 Oct 2025
CreditorRestore Capital LLCBlake, Cassels & Graydon LLP23 Oct 2025Service list · 23 Oct 2025
CreditorRoyal Bank of Canada, asFasken Martineau DuMoulin LLP23 Oct 2025Service list · 23 Oct 2025
CreditorSusan UrselUrsel Phillips Fellows Hopkinson LLP23 Oct 2025Service list · 23 Oct 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale · 1 named without a figure
Priority classCreditorAmountSource
SecuredHSBC Bank Canada (as syndicate agent; syndicate includes Canadian Western Bank, United Overseas Bank, Industrial & Commercial Bank of China (Canada)) · in 54 casesas of Bewley Affidavit sworn March 7, 2025 — First mortgage on Vancouver freehold property — Vancouver HSBC First Mortgage Financing; credit agreement dated May 24, 2022; matures April 30, 2025 — debtor: RioCan-Hudson's Bay JV$202MApplication Record
Secured2171948 Ontario Inc. (Cadillac Lender, affiliate of Cadillac Fairview) · in 2 casesas of Bewley Affidavit sworn March 7, 2025 — Second lien security over substantially the same assets as the ABL Security (per Senior/Junior Intercreditor Agreement) — Originally an unsecured term loan (June 26, 2023) up to $200,000,000; became secured second lien upon Dec 23, 2024 amendment; certain equity pledges (RioCan-Hudson's Bay GP and RioCan-Hudson's Bay LP interests) not yet delivered to lender; matures earlier of Dec 31, 2026 or 91 days after Pathlight Credit Facility matures (not before June 26, 2026) — debtor: Hudson's Bay Company and Guarantors (Loan Parties)$176MApplication Record
SecuredBank of America, N.A. (ABL Agent/Collateral Agent) and ABL Lenders; Restore (FILO Agent) · in 2 casesas of Bewley Affidavit sworn March 7, 2025 — Amended and restated general security agreement; deed of hypothec over movable property; grant of security interest in intellectual property; pledges of equity interests (including in RioCan-Hudson's Bay Holdings LP, RioCan-Hudson's Bay GP, RioCan-Hudson's Bay JV, and Neo Financial Technologies Inc.); leasehold mortgages (collectively "ABL Security") — Combines Revolving Credit Facility (outstanding ~$22,398,622; max commitment reduced from $240,374,500 to $200,000,000 by Feb 28, 2025 amendment) and FILO Credit Facility (outstanding ~$136,847,000; m$159MApplication Record
SecuredBank of Montreal (as administrative agent) · in 279 casesas of Bewley Affidavit sworn March 7, 2025 — Security interest against Calgary freehold property and Carrefour Laval / Promenade St. Bruno leasehold interests ("BMO Secured Properties") — BMO First Mortgage Financing; matures August 2025 — debtor: RioCan-Hudson's Bay JV$105MApplication Record
SecuredRoyal Bank of Canada (RBC) · in 556 casesas of Bewley Affidavit sworn March 7, 2025 — First mortgage on leasehold interest in Yorkdale Shopping Centre; guaranteed by RioCan — Yorkdale RBC Financing; RioCan's guarantee further secured by second-ranking charge/hypothec on Montreal freehold and second-ranking charge on Oakville Place co-ownership interest — debtor: RioCan-Hudson's Bay JV$75MApplication Record
SecuredPathlight Capital LP (Pathlight Agent) and Pathlight Lenders · in 2 casesas of Bewley Affidavit sworn March 7, 2025 — Second priority security over substantially the same assets as the ABL Security — CAD-equivalent stated elsewhere as $95,027,669; original loan US$150,000,000 (Nov 25, 2020), subsequently increased to ~$565,438,525 drawn as of Dec 23, 2024 before repayment/restructuring reduced outstanding to US$65,569,092; matures May 1, 2025 — debtor: Hudson's Bay Company and Guarantors (Loan Parties)$65.6M USDApplication Record
SecuredDesjardins Financial Security Life Assurance Company · in 2 casesas of Bewley Affidavit sworn March 7, 2025 — First mortgage on Ottawa freehold property — Ottawa First Mortgage Financing; original principal amount stated as $56,525,000 (credit agreement dated Oct 3, 2024); guaranteed 100% by RioCan-Hudson's Bay JV and 21.9% by RioCan; matures October 3, 2029 — debtor: RioCan-Hudson's Bay (Ottawa) Holdings Inc.$55.1MApplication Record
SecuredDesjardins Financial Security Life Assurance Company · in 2 casesas of Bewley Affidavit sworn March 7, 2025 — First mortgage on Georgian Mall shopping centre co-ownership interests — Georgian Mall First Mortgage Financing; total facility stated as $110,000,000 secured against both 50% co-ownership interests; RioCan-Hudson's Bay JV personally guaranteed 50% of the financing; figure shown appears to reflect JV's attributable 50% share — debtor: RioCan Holdings Inc. (nominee and bare trustee for both co-owners)$54.2MApplication Record
SecuredThe Toronto-Dominion Bank (TD) and The Canada Life Assurance Company · in 111 casesas of Bewley Affidavit sworn March 7, 2025 — First mortgage on Oakville Place shopping centre co-ownership interests — Oakville Place First Mortgage Financing; total facility stated as $87,400,000 secured against both 50% co-ownership interests; RioCan-Hudson's Bay JV personally guaranteed 50% of the financing; figure shown appears to reflect JV's attributable 50% share; matures around August 2025 — debtor: RioCan Holdings (Oakville Place) Inc. (title nominee/borrower)$43.7MApplication Record
SecuredRC Holdings II LP (RioCan affiliate)Second mortgage/charge on Georgian Mall co-ownership interest (subordinate to Desjardins first mortgage) — Related party - RioCan affiliate as lender to its own JV; original facility (Georgian Mall Second Mortgage Financing) principal was $24,500,000 (Feb 12, 2024 credit agreement, amended March 25, 2024); outstanding amount approximate, inclusive of principal, interest and other fees/costs/expenses; matures February 12, 2029 — debtor: RioCan-HBC Limited Partnership · as of 27 May 2025$24.1MApplication Record
SecuredRioCan / RC Holdings II LPSecond mortgage/charge on Ottawa property (subordinate to Desjardins first mortgage); charge granted by RioCan-HBC (Ottawa) Holdings Inc. in favour of RioCan Financial Services (as trustee of RC NA Trust, GP of RC Holdings LP); also secured by pledge of Ottawa LP units held by RioCan-HBC JV — Related party - RioCan is limited partner of RioCan-HBC JV and its own second-mortgage lender; original facility (Ottawa Second Mortgage Financing) principal was $16,650,000 (Oct 3, 2024 credit agreement); outstanding amount approximate, inclusive of principal, interest and other fees/costs/expenses; matu · as of 27 May 2025$14.1MApplication Record
SecuredRioCan (affiliate) · in 3 casesFirst-ranking charge on Devonshire Mall (Windsor) freehold property; second-ranking charge/hypothec on downtown Montreal freehold property; second-ranking charge on Oakville Place 50% co-ownership interest; pledges of YSS 1 units and Ottawa LP units held by RioCan-HBC JV — Related party; security securing RioCan's guarantee of the Yorkdale RBC Financing and other RioCan obligations; no separate outstanding balance stated — debtor: RioCan-Hudson's Bay JV—Application Record

“not stated” means the record names the claim without a figure; “—” means not in the extracted record.

Sale processAs stated in the filings

14 transactions · 7 closed · 5 approved · 2 not completed — Status of the JV Properties as at May 31, 2026Second Interim Report of the Receiver - Section 246(2) of the BIA · 15 Sep 2026

PurchaserPriceStatusSource
unnamedthe Agreements, the Premises and the Real Property (Laval Nominee's, St. Bruno Nominee's, HBC's and JV Entities' interests)not statedClosed9 Oct 2025Receiver's Certificate
Astra Real Estate Corp.RC-HBC's and HBC's respective rights, title and interests in and to the assets described in the Agreements (collectively, the 'Purchased Assets') · real property · agreement 18 Feb 2026SealedThe Purchaser has paid and the Receiver has received the Purchase Price for the Purchased Assets in accordance with the Calgary APS; amount not stated in this orderNot completeddate not statedSeventh Report of the Receiver
Circle Retail Properties LPRC-HBC's and HBC's and Snospmis' respective rights, title and interests in and to the assets described in the Devonshire Agreements (collectively, the ' Purchased Assets ') · real property · agreement 13 Apr 2026not statedClosed5 Jun 2026Seventh Report of the Receiver
RPMG Holdings Ltd.the assets described in the Vancouver Agreements (collectively, the 'Purchased Assets') · real property · nominee/assignee: 1588088 B.C. Ltd. · agreement 23 Apr 2026not statedApproved25 May 2026Vancouver APS
RioCan Acquisitions Inc.all of RC-HBC's right, title and interest in and to the Oakville Purchased Interest · real property · nominee/assignee: such other affiliate of the Purchaser as the Purchaser may designate as its assignee · agreement 8 Aug 2025not statedClosed5 Jan 2026Receiver's Certificate (Oakville and Georgian)
RioCan Acquisitions Inc.all of RC-HBC's right, title and interest in and to the Georgian Purchased Interest · real property · nominee/assignee: such other affiliate of the Purchaser as the Purchaser may designate as its assignee · agreement 8 Aug 2025not statedApproved25 May 2026Transaction Approval Order (Oakville/Georgian)
purchaser(s) of Oakville and Georgian Co-Ownership Interests under RioCan Term Sheets, unnamedthe RioCan Term Sheets ... Co-Ownership Interests · real propertynot statedApprovedFirst Interim Report of the Receiver - Section…
purchaser(s) of Laval and St. Bruno Leasehold Interests, unnamedtransactions regarding Laval and St. Bruno · real propertynot statedApprovedFirst Interim Report of the Receiver - Section…
no transaction entered for Scarborough and Square One; nil recoverySquare One and Scarborough · real propertynot statedNot completedFirst Interim Report of the Receiver - Section…
2921979 Ontario Inc.the Ottawa Real Property · real property · agreement 30 Mar 2026not statedClosedSeventh Report of the Receiver
Onni Development Capital Corp.the Vancouver Real Property · real property · nominee/assignee: RPMG Holdings Ltd. · agreement 23 Apr 2026not statedClosedSeventh Report of the Receiver
purchaser of the Oakville JV Entity interests, unnamed in this excerptthe JV Entities' interests of the Oakville and Georgian JV Entities to Riocan · share sale$63gross consideration stated in millions ($63.0 million)ClosedSecond Interim Report of the Receiver - Section…
purchaser of the Georgian JV Entity interests, unnamed in this excerptthe JV Entities' interests of the Oakville and Georgian JV Entities to Riocan · share sale$79gross consideration stated in millions ($79.1 million)Closed5 Jan 2026Second Interim Report of the Receiver - Section…
purchasers under executed asset purchase agreements for Calgary, Vancouver, Ottawa and Devonshire, unnamed in this excerptCalgary, Vancouver, Ottawa and Devonshire properties · asset salenot statedApprovedSecond Interim Report of the Receiver - Section…
AdvisorsCBRE Limited (listing broker); RBC Capital Markets (sale agent)Second Interim Report of the Receiver - Section 246(2) of the BIA
Closing termsVesting effective upon delivery of Receiver's CertificateApproval and Vesting Order of Justice Kimmel
Sealed materialsConfidential appendices D, E, J, K, L and M to the Sixth Report; Confidential Appendices 'E', 'F' and 'G' to the Third ReportApproval and Vesting Order (Ottawa)
RecoveriesAs declared or paid

Unsecured creditors: no distribution. HBC not yet estimated.EstimatedSecond Interim Report of the Receiver - Section 246(2) of the BIA · 15 Sep 2026

ClassCreditorClaimsRecoveryBasisSource
SecuredSecured Lenders (Ottawa Senior Secured Lender, Devonshire Senior Mortgage Holder, Vancouver Senior Secured Lender, Calgary Senior Secured Lender)—shortfallEstimatedper the receiverSeventh Report of the Receiver · 17 Jul 2026
SecuredGeorgian Second Mortgage Holder (affiliate of RioCan)related party—paid in fullper the receiverThird Report of the Receiver · 15 Sep 2025
Unsecured——no distributionEstimatedper the receiverSecond Interim Report of the Receiver - Section 246(2) of the BIA · 15 Sep 2026
EquityHBC—not yet estimatedconditionalEstimatedper the receiverThird Report of the Receiver · 15 Sep 2025
class not placed2491815 Ontario Limited Partnership (rejected Yorkdale lease)—no distributionFinalper the receiverSecond Interim Report of the Receiver - Section 246(2) of the BIA · 15 Sep 2026

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

Fees and ratesAs stated in the filings

1 engagement · 1 firm — Thornton Grout Finnigan LLP, —, $904,655.99 soughtAide Memoire of Oxford Properties · 1 May 2026

FirmPeriodHoursFeesRatesSource
Thornton Grout Finnigan LLPCounsel—Sought—$904,655.99total$335 – $2,0218 peopleAide Memoire of Oxford Properties · 1 May 2026
8 people — Thornton Grout Finnigan LLP, —
NameYear of callHoursRateFees
Andrew Nesbitt—4.3$2,021—
D.J. Miller1993—$1,100—
Deborah E. Palter1996—$965—
Alexander Soutter—1.3$962—
Alexander Soutter2017—$740—
Andrew Nesbitt2024—$470—
Corrina MacdonaldLaw Clerk—$335—
Victoria KowalikLaw Clerk—$335—
Subtotal—13.9——

Top rate $2,021 · 100th percentile of counsel rates, 2026 · of 69

Estate financialsReported figures — never derived
Total assets at filing$3.73B
Total liabilities at filing$3.33B

As at 31 Jan 2025 · per Estimated value of Hudson's Bay Canada's assets and liabilities; Hudson's Bay Canada does not have standalone financial statements for its Canadian business (management estimate per Bewley Affidavit sworn March 7, 2025) · Hudson's Bay Canada (Canadian business only, entity-level estimate; not the RioCan-Hudson's Bay JV Entities that are respondents in this receivership application) — Figures relate to Hudson's Bay Company's Canadian operations, extracted from Exhibit A (Affidavit of Jennifer Bewley sworn March 7, 2025) filed with the Blasutti Affidavit; Total Liabilities figure appears on the following page (p.120) of the same table

Cash on hand

$129M

As at 17 Jul 2026Seventh Report of the Receiver

Documents
69 filings
DateDocumentFile
Second Interim Report of the Receiver - Section 246(2) of the BIA
  • Closing confirmed Closed · 5 Jan 2026
  • Purchaser purchaser of the Oakville JV Entity interests, unnamed in this excerpt · the JV Entities' interests of the Oakville and Georgian JV Entities to Riocan · share sale · $63 · closed; purchaser of the Georgian JV Entity interests, unnamed in this excerpt · the JV Entities' interests of the Oakville and Georgian JV Entities to Riocan · share sale · $79 · closed; purchasers under executed asset purchase agreements for Calgary, Vancouver, Ottawa and Devonshire, unnamed in this excerpt · Calgary, Vancouver, Ottawa and Devonshire properties · asset sale · approved
  • Recovery outcome Entries: per estimated; per actual · Stated on: 2026-09-15 · Table missing:
  • Sale advisor CBRE (listing broker); RBC Capital Markets (sale agent)
  • + 1 more extracted fact
PDF
Distribution Order
  • Presiding officer Justice Kimmel
PDF
Endorsement of Justice Kimmel
  • Presiding officer Justice Kimmel
PDF
Factum of the Receiver (July 22, 2026)
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Motion Record returnable July 24
  • Recovery outcome Entries: per estimated · Stated on: 2026-07-17 · Table missing:
  • Secured creditors $212M · Note: Total claim amount ('obligations currently due') = secured debt $202,000,000 + accrued interest $10,169,000 (CAD 000's). Vancouver Real Property sold June 24, 2026; net proceeds realized $4,307,000, far below the claim, resulting in significant shortfall. · Page: 18 · As of: 2026-07-17 · Debtor: RC-HBC LP · Creditor: Vancouver Senior Secured Lender · Security: First-in-time mortgage/charge over the Vancouver Real Property; PPSA (British Columbia) registered security interest in personal property of RC-HBC related to the Vancouver Real Property and proceeds thereof (per NRF legal opinion)
PDF
Seventh Report of the Receiver
  • Cash on hand $129M · Note: Net cash on hand across the consolidated receipts and disbursements · As at: 2026-07-03 · Qualifier: approximately
  • Closing confirmed Closed · 5 Jun 2026 · Circle Retail Properties LP; Did not complete · date not stated · Astra Real Estate Corp.
  • Operational summary The Receiver has sold or is finalizing sales of the JV Entities' remaining real properties (Ottawa, Devonshire, Vancouver completed; Calgary pending), leaving a remaining Montreal property under marketing and collection of JV Rent Charge amounts as the main ongoing tasks before winding down the receivership.
  • Purchaser 2921979 Ontario Inc. · the Ottawa Real Property · real property · closed; Circle Retail Properties LP · the Devonshire Real Property · real property · closed; Onni Development Capital Corp. · nominee/assignee RPMG Holdings Ltd. · the Vancouver Real Property · real property · closed; Astra Real Estate Corp. · the Calgary Real Property · real property · price sealed · not completed
  • + 5 more extracted facts
PDF
First Interim Report of the Receiver - Section 246(2) of the BIA
  • Purchaser purchaser(s) of Oakville and Georgian Co-Ownership Interests under RioCan Term Sheets, unnamed · the RioCan Term Sheets ... Co-Ownership Interests · real property · approved; purchaser(s) of Laval and St. Bruno Leasehold Interests, unnamed · transactions regarding Laval and St. Bruno · real property · approved; no transaction entered for Scarborough and Square One; nil recovery · Square One and Scarborough · real property · not completed
  • Recovery outcome Entries: per actual; per unstated; per estimated · Stated on: 2026-07-09 · Table missing:
  • Sale advisor RBC Capital Markets (sale agent); CBRE Limited (listing broker)
  • Sale outcome Liquidation in progress — Owned Real Properties other than Montreal subject to ongoing marketing; no transactions entered into as of November 30, 2025
PDF
Second Supplement to the Sixth ReportPDF
Appointment Order (appointing Receiver)
  • Applicant RioCan Real Estate Investment Trust, RioCan Holdings Inc., RioCan Holdings (Oakville Place) Inc., RioCan Property Services Trust and RC Holdings II LP, RC NA GP 2 Trust and RioCan Financial Services Limited
  • Appointee FTI Consulting Canada Inc.
  • Appointee role receiver and manager
  • Commencement date 3 June 2025
  • + 5 more extracted facts
PDF
Approval and Vesting Order of Justice Kimmel
  • Closing terms Vesting effective upon delivery of Receiver's Certificate
  • Sale advisor CBRE Limited (listing broker)
  • Sale outcome Sale approved — Ottawa Transaction approved
  • Sealed items Confidential appendices D, E, J, K, L and M to the Sixth Report
PDF
Approval of fees
  • Presiding officer Justice Kimmel
PDF
Calgary APS
  • Closing terms Vesting occurs upon delivery of the Receiver's Certificate to the Purchaser
  • Purchaser Astra Real Estate Corp. · RC-HBC's and HBC's respective rights, title and interests in and to the assets described in the Agreements (collectively, the 'Purchased Assets') · real property · approved
  • Sale advisor CBRE Limited (listing broker)
PDF
Cost Endorsement of Justice Kimmel
  • Presiding officer Justice Kimmel
PDF
Devonshire APS
  • Closing terms vesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditions
  • Purchaser Circle Retail Properties LP · RC-HBC's and HBC's and Snospmis' respective rights, title and interests in and to the assets described in the Devonshire Agreements (collectively, the ' Purchased Assets ') · real property · approved
  • Sale advisor CBRE Limited (listing broker)
  • Sale outcome Sale approved — Devonshire Transaction approved and vesting order granted
PDF
Endorsement
  • Presiding officer Justice Osborne
PDF
Endorsement of Justice Osborne
  • Presiding officer Justice Osborne
PDF
Lease Surrender Approval Order
  • Counsel Norton Rose Fulbright Canada LLP
  • Presiding officer Justice Osborne
PDF
Motion Dismissal Order
  • Presiding officer Justice Kimmel
PDF
Order (Amending Appointment Order)
  • Presiding officer Justice Osborne
PDF
Order (Re: Legal and Business Names of JV Entities)PDF
Receiver's Certificate
  • Closing confirmed Closed · 9 Oct 2025
PDF
Receiver's Certificate (Oakville and Georgian)
  • Closing confirmed Closed · 5 Jan 2026 · RioCan Acquisitions Inc.
PDF
Transaction Approval Order (Oakville/Georgian)
  • Closing terms Cash Consideration shall be held in escrow or transferred to RioCan Property Services Trust in partial satisfaction of the RioCan Cross Charge
  • Counsel Norton Rose Fulbright Canada LLP
  • Presiding officer Justice Osborne
  • Purchaser RioCan Acquisitions Inc. · nominee/assignee such other affiliate of the Purchaser as the Purchaser may designate as its assignee · all of RC-HBC's right, title and interest in and to the Oakville Purchased Interest · real property · approved; RioCan Acquisitions Inc. · nominee/assignee such other affiliate of the Purchaser as the Purchaser may designate as its assignee · all of RC-HBC's right, title and interest in and to the Georgian Purchased Interest · real property · approved
  • + 3 more extracted facts
PDF
Vancouver APS
  • Closing terms vesting to occur upon delivery of a Receiver's Certificate; net proceeds stand in place of Purchased Assets
  • Order date 25 May 2026
  • Purchaser RPMG Holdings Ltd. · nominee/assignee 1588088 B.C. Ltd. · the assets described in the Vancouver Agreements (collectively, the 'Purchased Assets') · real property · approved
  • Sale advisor CBRE Limited (listing broker)
  • + 1 more extracted fact
PDF
Factum of the Receiver returnable May 25, 2026
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Motion Record Returnable May 25thPDF
Supplement to the Sixth ReportPDF
Approval and Vesting Order (Ottawa)
  • Closing terms Vesting occurs upon delivery of the Receiver's Certificate to the Purchaser
  • Sale advisor CBRE Limited (listing broker)
  • Sale outcome Sale approved — The Ottawa Transaction is approved
  • Sealed items Confidential appendices D, E, J, K, L and M to the Sixth Report
PDF
Blackline 1 - Approval and Vesting Order and Approval and Vesting Order (Ottawa)PDF
Blackline 2 - Approval and Vesting Order and Approval and Vesting Order (Ottawa)PDF
Affidavit of Dennis Blasutti
  • Secured creditors $75M · Note: Loan originated under Credit Agreement dated January 26, 2024 (RBC as administrative agent/lender, RioCan REIT as guarantor); RBC's rights, including under the Leasehold Lender Agreement, were assigned to RC Finance Trust (a RioCan affiliate) via Loan Purchase Agreement dated October 23, 2025 (closing October 24, 2025) - post-assignment this is a related-party secured position vis-à-vis the Applicants. Outstanding Principal Amount per Schedule B of the Loan Purchase Agreement; exact repayment amount as of the Balance Due Date (January 23, 2026) is redacted. · Page: 144 · As of: 2025-10-23 · Debtor: 2491815 Ontario Limited Partnership (formerly HBC YSS 1 Limited Partnership) · Creditor: Royal Bank of Canada (assigned to RC Finance Trust, an affiliate of RioCan REIT, pursuant to Loan Purchase Agreement dated October 23, 2025) · Security: $100,000,000 demand debenture over leasehold interest (registration ceiling, not balance); general assignment of leases and rents; PPSA registrations in Ontario and British Columbia; Leasehold Lender Agreement granting step-in/new-lease rights over the Head Lease
PDF
Aide Memoire
  • Applicant RIOCAN REAL ESTATE INVESTMENT TRUST, RIOCAN HOLDINGS INC., RIOCAN HOLDINGS (OAKVILLE PLACE) INC., RIOCAN PROPERTY SERVICES TRUST, RC HOLDINGS II LP, RC NA GP 2 TRUST and RIOCAN FINANCIAL SERVICES LIMITED
  • Appointee FTI Consulting Canada Inc.
  • Appointee role receiver and manager
  • Commencement date 3 June 2025
  • + 3 more extracted facts
PDF
Aide Memoire - Oxford Properties Group, et alPDF
Aide Memoire of Oxford Properties
  • Fee schedule Engagements: Form: bill_of_costs · Rows: D.J. Miller; Deborah E. Palter; Alexander Soutter; Andrew Nesbitt; Corrina Macdonald; Victoria Kowalik; Alexander Soutter; Andrew Nesbitt; Hours: 13.9 · Quote: Subtotal: | 13.9 | $7,000.50 | $10,500.75 | $11,667.50 · Row kind: subtotal · Rate kind: standard · Name as stated: Subtotal · Money: Total: $905K · Quote: Total | $558,187.26 | $818,039.23 | $904,655.99 · Approximate: false · Disbursements: $38.5K · Quote: Disbursements (Court Fees - Filing of Motion Record $339.00) (Retail Expert - $28,687.50) · Period: Kind: unstated · Approval: Quote: Oxford seeks its costs of the motion on a partial indemnity basis up to November 25, 2025 and substantial indemnity costs thereafter. · State: sought · Averages: · Currency: · Invoices: · Firm text: Thornton Grout Finnigan LLP · Firm quote: THORNTON GROUT FINNIGAN LLP · Context quote: Lawyers for Oxford Properties Group, et al.
PDF
Aide Memoire of Oxford Properties GroupPDF
Aide Memoire of the ReceiverPDF
Application Record
  • Financial position Assets $3.73B · Liabilities $3.33B · as at 31 Jan 2025 · per Estimated value of Hudson's Bay Canada's assets and liabilities; Hudson's Bay Canada does not have standalone financial statements for its Canadian business (management estimate per Bewley Affidavit sworn March 7, 2025) · Hudson's Bay Canada (Canadian business only, entity-level estimate; not the RioCan-Hudson's Bay JV Entities that are respondents in this receivership application) — Figures relate to Hudson's Bay Company's Canadian operations, extracted from Exhibit A (Affidavit of Jennifer Bewley sworn March 7, 2025) filed with the Blasutti Affidavit; Total Liabilities figure appears on the following page (p.120) of the same table
  • Secured creditors $65.6M USD · Note: CAD-equivalent stated elsewhere as $95,027,669; original loan US$150,000,000 (Nov 25, 2020), subsequently increased to ~$565,438,525 drawn as of Dec 23, 2024 before repayment/restructuring reduced outstanding to US$65,569,092; matures May 1, 2025 · Page: 126 · As of: Bewley Affidavit sworn March 7, 2025 · Debtor: Hudson's Bay Company and Guarantors (Loan Parties) · Creditor: Pathlight Capital LP (Pathlight Agent) and Pathlight Lenders · Security: Second priority security over substantially the same assets as the ABL Security
PDF
Case Conference Brief of the Receiver
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Cost Submissions of Oxford PropertiesPDF
Factum - Oxford Properties Group (Jan 9, 2026)
  • Counsel Thornton Grout Finnigan LLP
PDF
Factum of the Applicant (Jan 2, 2026)PDF
Factum of the Receiver (Jan 2, 2026)
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Factum of the Receiver 19 September 2025PDF
Factum of the Reciever (re:Ottawa - ReturnableMay 4, 2026)
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Motion Record (re: Amendment to Appointment Order)PDF
Motion Record (re: Co-Ownership Transactions)
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Motion Record (re: Lease Surrender)PDF
Motion Record (re: Legal and Business Names of JV Entities)
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Motion Record (re: Sur-reply Affidavit of Nadia Corrado)PDF
Motion Record (re: Yorkdale Sublease)PDF
Motion Record of FTI Consulting Returnable May 4 2026PDF
Reply Cost Submissions of Oxford PropertiesPDF
Reply Record of the Receiver
  • Secured creditors Note: Original RBC Loan under Credit Agreement dated January 26, 2024 among YSS 1 (borrower), RioCan REIT (guarantor) and RBC (Administrative Agent), stated principal amount of $75,000,000 (facility/original loan principal, not a current outstanding balance). RBC's right, title and interest in the RBC Loan and Leasehold Mortgage were assigned to RC Finance Trust (an affiliate of RioCan REIT, the Applicant) on October 23, 2025 pursuant to a Loan Purchase Agreement. As a result, RC Finance Trust — a related party of the Applicant RioCan REIT — now holds the primary economic interest in the assets of YSS 1. No current outstanding balance is stated in these pages; the $75,000,000 and $100,000,000 figures represent, respectively, the original loan principal and the registered/debenture principal (a registration ceiling), not stated balances. · Page: 10 · As of: 2024-01-26 · Debtor: 2491815 Ontario Limited Partnership (formerly HBC YSS 1 Limited Partnership) ("YSS 1") · Creditor: RC Finance Trust (as assignee of Royal Bank of Canada, formerly Administrative Agent for Lenders under the Credit Agreement) · Currency: CAD · Security: Leasehold Mortgage of YSS 1's interest in the Head Lease (Yorkdale Property); registered as Notice of Charge of Lease (AT6502526, receipted 2024-01-26) with registered principal of $100,000,000.00 CDN and interest rate of 25% (registration relates to AT3195 and AT6499150); also secured by a Demand Debenture dated January 26, 2024 with a stated principal sum of $100,000,000, granted by Hudson's Bay Company ULC as Chargor
PDF
Responding Cost Submissions of the ReceiverPDF
Timetable for Yorkdale Sublease Proceedings (Superseded)PDF
[Volume 1 of 3] Responding Motion Record - Oxford Properties Group, et al.PDF
[Volume 2 of 3] Responding Motion Record - Oxford Properties Group, et al.PDF
[Volume 3 of 3] Responding Motion Record - Oxford Properties Group, et al.PDF
Sixth Report of the ReceiverPDF
Supplement to the Fifth ReportPDF
Service List
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Fifth Report of the ReceiverPDF
Summary of Name ChangesPDF
Fourth Report of the ReceiverPDF
First Report of the Receiver
  • Secured creditors Note: The $2 million figure is the Initial Maximum Permitted Amount of the Receiver's Borrowings Charge, not the loan balance. · Page: 32 · Creditor: Desjardins Financial Security Life Assurance Company · Currency: CAD · Security: First priority mortgage financing ("Ottawa First Mortgage Financing") against Downtown Ottawa property, 73, 85 and 87 Rideau St., Ottawa, ON
PDF
Second Report of the ReceiverPDF
Third Report of the Receiver
  • Recovery outcome Entries: per unstated; per estimated · Stated on: 2025-09-15 · Table missing:
  • Secured creditors Note: Related party (affiliate of RioCan); $24.5 million is stated principal amount, not confirmed outstanding balance · Page: 9 · Debtor: RC-HBC LP (co-owner of Georgian Mall) · Creditor: RC Holding II LP · Currency: CAD · Security: Georgian Second Mortgage - second mortgage financing in the principal amount of $24.5 million
PDF
List of Known CreditorsPDF
Notice to CreditorsPDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “RioCan-HBC Limited Partnership et al.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/riocan-hbc-limited-partnership-et-al

Recently updated

1281805 B.C. Ltd.

British Columbia · NOI

18 Sep 2026

Collection Tuff Avenue Inc.

Quebec · Bankruptcy

18 Sep 2026

6511 Sussex Heights Development Ltd. ("Highline Metrotown") and Minoru View Homes Ltd. ("Minoru Square") et al.

British Columbia · Receivership (court-appointed)

18 Sep 2026

177 Cross Argus Development Inc.

Ontario · NOI

18 Sep 2026

Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/riocan-hbc-limited-partnership-et-al

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.

RioCan-HBC Limited Partnership et al. — Receivership | Proceedings.