Findev Inc. Announces Expected Write-Off of Victoria Park Loan

On September 25, 2026, Findev Inc. disclosed plans to write off its Victoria Park loan exposure. This decision follows a review of its financial position amid ongoing Companies' Creditors Arrangement Act proceedings. The Ontario Superior Court granted 1682 Victoria Park protection under these proceedings. Despite efforts, Findev anticipates the remaining carrying value of its loan will not be recoverable.

Helmsbridge Holdings, controlled by significant shareholder Anthony Heller, has provided financing support. However, Findev's security will rank below Helmsbridge's claims. The property’s sale proceeds are unlikely to cover Findev’s remaining loan exposure, prompting the expected write-off in line with IFRS 9.

This development results from current real estate market challenges affecting the project. Findev remains vigilant, with potential for reassessment if conditions change. Further updates will follow based on CCAA proceedings and financial evaluations.