Owner of Ottawa Train Yards exits receivership after settling outstanding loan
Ottawa Train Yards is no longer in receivership proceedings, just weeks after it was placed in receivership over an outstanding $39 million loan by the owner of the property.
Controlex Corporation, the owner of the shopping centre, announced it has "amicably resolved and exited receivership proceedings" as of Friday.
"Controlex is well capitalized and was able to promptly exit a recent brief period of financial receivership caused by an inadvertent missed payment using available cash on hand," the company said in a statement.
"The company remains fully committed to supporting a strong future for the Train Yards and investing in continuous improvement."
- Sign up now for daily CTV News Ottawa newsletters
- The information you need to know, sent directly to you: Download the CTV News App
Last month, the Ontario Superior Court of Justice appointed Grant Thornton Limited as receiver and manager of the assets of Ottawa Train Yards over an outstanding loan. Court documents on the Grant Thornton Limited website show Manulife filed an application for Grant Thornton Limited to be appointed the receiver of all assets after the owner failed to make payment on an outstanding loan.
Manulife extended a $45.5 million loan to 141 Ontario in December 2018. According to the court documents, the loan matured and was due on Feb. 1, 2024, but 141 Ontario failed to repay the loan upon maturity. As of March 21, 2024, $39.4 million remained outstanding under the loan.
Grant Thornton was named receiver of 100, 140 and 150 Trainyards Drive, 515 and 525 Industrial Avenue and 500 and 550 Terminal Avenue.
141 Ontario is the owner of a portion of the Ottawa Train Yards shopping district, which has over 150 shops and services.
A motion from Grant Thornton for the Ontario Superior Court of Justice says the owner of the Ottawa Train Yards arranged for the payment to settle the outstanding loan.
"The Receiver is generally satisfied that the Debtor’s creditors are being paid in the normal course and that there is no longer a need for these receivership proceedings to continue," Grant Thornton says in the report.
Controlex Corporation says business will continue as usual at Ottawa Train Yards.
CTVNews.ca Top Stories
Trump threatens to try to take back the Panama Canal. Panama's president balks at the suggestion
Donald Trump suggested Sunday that his new administration could try to regain control of the Panama Canal that the United States “foolishly” ceded to its Central American ally, contending that shippers are charged “ridiculous” fees to pass through the vital transportation channel linking the Atlantic and Pacific Oceans.
Man handed 5th distracted driving charge for using cell phone on Hwy. 417 in Ottawa
An Ottawa driver was charged for using a cell phone behind the wheel on Sunday, the fifth time he has faced distracted driving charges.
Wrongfully convicted N.B. man has mixed feelings since exoneration
Robert Mailman, 76, was exonerated on Jan. 4 of a 1983 murder for which he and his friend Walter Gillespie served lengthy prison terms.
What's open and closed over the holidays in Canada
As Canadians take time off to celebrate the holidays, many federal offices, stores and businesses will be closed across the country on Christmas Day and New Year's Day.
Can the Governor General do what Pierre Poilievre is asking? This expert says no
A historically difficult week for Prime Minister Justin Trudeau and his Liberal government ended with a renewed push from Conservative Leader Pierre Poilievre to topple this government – this time in the form a letter to the Governor General.
opinion Christmas movies for people who don't like Christmas movies
The holidays can bring up a whole gamut of emotions, not just love and goodwill. So CTV film critic Richard Crouse offers up a list of Christmas movies for people who might not enjoy traditional Christmas movies.
More than 7,000 Jeep SUVs recalled in Canada over camera display concern
A software issue potentially affecting the rearview camera display in select Jeep Wagoneer and Grand Cherokee models has prompted a recall of more than 7,000 vehicles.
'I'm still thinking pinch me': lost puppy reunited with family after five years
After almost five years of searching and never giving up hope, the Tuffin family received the best Christmas gift they could have hoped for: being reunited with their long-lost puppy.
10 hospitalized after carbon monoxide poisoning in Ottawa's east end
The Ottawa Police Service says ten people were taken to hospital, with one of them in life-threatening condition, after being exposed to carbon monoxide in the neighbourhood of Vanier on Sunday morning.