CPE News (5/2/2021) – On April 30, 2021, the Ontario Securities Commission (OSC) filed an application before the Commercial List of the Ontario Superior Court of Justice in respect of each of Bridging Finance Inc., Bridging Income Fund LP, Bridging Mid-Market Debt Fund LP, SB Fund GP Inc., Bridging Finance GP Inc., Bridging Income RSP Fund, Bridging Mid-Market Debt RSP Fund, Bridging Private Debt Institutional LP, Bridging Real Estate Lending Fund LP, Bridging SMA 1 LP, Bridging Infrastructure Fund LP, Bridging MJ GP Inc., Bridging Indigenous Impact Fund, and Bridging Fern Alternative Credit Fund, pursuant to section 129 of the Securities Act (Ontario), R.S.O. 1990, c. S. 5, as amended.
The Court has appointed PricewaterhouseCoopers Inc. as receiver and manager of all of the assets, undertakings and properties of Bridging Finance.
Based on incomplete data from CPE Analytics’ Financings database, some of the Bridging Finance managed funds, Bridging Mid-Market Debt RSP Fund, Bridging Mid-Market Debt Fund LP, Bridging Indigenous Impact Fund, Bridging Income RSP Fund, Bridging Income Fund LP, Bridging Private Debt Institutional RSP LP, Bridging Private Debt Institutional LP, Bridging Infrastructure Fund, have raised over $1.38 billion from retail and institutional investors since 2016.
Founded in 2012, Bridging Finance Inc. is an alternative financing provider to middle-market Canadian companies.
photo credit: Bridging Finance
News Release
Court appoints PricewaterhouseCoopers Inc. to manage affairs of Bridging Finance Inc.
TORONTO, May 1, 2021 /CNW/ – The Ontario Superior Court of Justice (Commercial List) made an order on the evening of April 30 appointing PricewaterhouseCoopers Inc. (Pwc) as receiver and manager over the affairs of Bridging Finance Inc. (BFI) and investment vehicles managed and controlled by BFI. The OSC sought the appointment of a receiver and manager to ensure BFI’s affairs are managed in the best interests of unitholders while OSC staff conduct an investigation into the business activities of BFI and certain of its directors and officers.
In connection with this action, the Commission issued a temporary order that requires trading in securities of the named BFI funds to cease, and that suspends David Sharpe’s registration as Ultimate Designated Person of BFI.
Clients of BFI with questions concerning the receivership should contact PwC at ca_bridgingfinance@pwc.com or 416-687-8389. Information is also available on the following website: www.pwc.com/ca/bfi
Under section 129 of the Securities Act, the OSC may apply to the Court for an order appointing a receiver and manager where it is in the best interests of investors, or where it is appropriate for the due administration of Ontario securities law.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.
SOURCE Ontario Securities Commission
For further information: For Media Inquiries: media_inquiries@osc.gov.on.ca; For Investor and Industry Inquiries: 1-877-785-1555 (Toll Free), inquiries@osc.gov.on.ca