Overview

• Alvarez & Marsal advised the Ontario Superior Court to refuse forced assignments, calling Ruby Liu’s plan insufficiently developed and at risk of near‑term insolvency.
• Liu has already acquired three Bay leases at her B.C. malls for $6 million and offered $69.1 million for 25 additional sites in Ontario, Alberta and B.C.
• The monitor says Central Walk is a start‑up with an inexperienced leadership team, no replacement for a dropped inventory partner, and aggressive 6–12 month opening targets with $120 million budgeted for repairs from $375 million in planned equity.
• Major landlords and some lenders oppose the proposal over lease‑use restrictions and feasibility, even as the monitor deems the sale process rigorous and the price fair.
• Hudson’s Bay and lender Pathlight Capital allege objecting landlords want the properties back for redevelopment, a claim that will be tested at next week’s hearing.