The sale and the buyers
About 82% of the portfolio went to the secured lenders by credit bid. A company formed by a group of those lenders, BIG North Capital, acquired about 186 of the approved credit bids.
The court approved 323 credit bids by individual secured lenders on December 6, 2024, covering about 79% of 407 properties. Each lender bid its own mortgage claim plus a cash "DIP allocation". About 316 closed on December 17, 2024. With 12 later credit bids, 333 credit bid transactions closed, about 82% of the portfolio.
The court recorded that a number of buyers had assigned their rights to BIG North, "a vehicle created by a number of Secured Lenders to finance and hold a number of the Properties". The Monitor reported that about 186 of the approved credit bids were assigned to or acquired by Big North Capital Limited Partnership, and that it was not involved in those private transactions.
In December 2024 BIG North offered its own units for all remaining properties. The Monitor declined to pursue the offer, and lender representative counsel did not support it.
The remaining 74 properties were listed with local brokers. 67 had sold by July 21, 2026 for net proceeds of about $9.4M to $9.5M; most closed by consent without a court order.
The Monitor projects about $800,000 for all creditors outside the mortgaged-property proceeds, against more than $50M of principal claims. The claims process, opened in July 2026, limits mortgage and note claims to principal.
- The Monitor said none of the 12 third-party letters of intent in the sale process would have repaid the DIP lender and the secured lenders in full. Seventh Report of the Monitor (Aug 23, 2024), s.3.2
- The Monitor reports that it was not involved in the assignments to BIG North, which were private transactions among secured lenders. Eleventh Report of the Monitor (Feb 20, 2025), s.6.2 para 1