KSV Advisory Canada’s Leading Boutique Advisory, Restructuring and Valuations Firm.

Textbook Student Suites Inc.

The Textbook and Memory Care Group of Companies (“Group”) are developers, respectively, of student housing residences and accommodations for people suffering from various forms of cognitive impairment. The Group also develops low-rise condominium projects. KSV is the Court-appointed receiver of eight projects owned by the Group, each of which is in the pre-construction phase (the “Textbook Entities”).

The secured obligations of the Textbook Entities totalled approximately $120 million. Approximately $100 million of this amount was raised through syndicated mortgages. The monies raised were intended to fund development costs for each of the projects.

The primary purpose of the receivership proceedings and KSV’s mandate was to conduct an orderly sale of the real estate owned by each of the Textbook Entities and to resolve complex creditor claims.

KSV’s mandate also involves investigating a myriad of transactions by the officers and directors of each of the Textbook Entities.

All the real properties subject to these receivership proceedings have been sold. The investigation process is continuing. KSV is also litigating to recover substantial losses incurred by the creditors due to misrepresentations made by the officers and directors. KSV has settled with several of the defendants and continues to pursue litigation against the remaining defendants.