Alaska - Alberta Railway Development Corporation

On June 18, 2021, Alaska – Alberta Railway Development Corporation (“AARDC”) filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3 (the “BIA”).  MNP Ltd. consented to act as Trustee under the NOI (the “Trustee”).  AARDC was granted a 30 day stay of proceedings pursuant to Section 69(1) of the BIA (the “Initial Stay”).  The Initial Stay has now been extended to August 31, 2021. 

The NOI proceedings were initiated following the receivership of AARDC’s primary secured lender, Bridging Finance Inc. and certain other entities and investment funds related to BFI (“Bridging”) pursuant to Orders granted by The Ontario Superior Court of Justice on April 30, 2021 and May 3, 2021.  PricewaterhouseCoopers Inc. (“PwC”) acts as the Court-appointed Receiver of Bridging. 

On June 7, 2021, the Trustee issued a material adverse change report for AARDC.  On June 12, 2021, on application by PwC, MNP Ltd. was appointed as Interim Receiver of Bridging during the NOI.

Publicly available information in the Interim Receivership will be posted on this website.