Specific Construction Projects to be Restructured Under the Companies' Creditors Arrangement Act

• This temporary measure will secure the development and completion of specific construction projects.

MONTREAL, Jan. 14, 2026 /CNW/ - Brivia Group ("Brivia" or the "Company") announces today that construction projects Phillips Square Phases I, II, III, and Mansfield Condos (collectively the "Projects"), along with their developers (the "Developers"),¹ have agreed to collaborate with the Lenders supporting these Projects, which have asked that the Projects and Developers be placed into court-supervised restructuring proceedings under the Companies' Creditors Arrangement Act (the "CCAA Proceedings"). by an order (the "Initial Order") sought before the Superior Court of Québec (the "Court"), on application by the Bank of Montreal ("BMO"), acting as lender and agent for three syndicates of secured lenders (collectively, the "Lenders") who have provided financing for some of the Projects. The CCAA Proceedings seek to facilitate the completion and the orderly sale of the Projects. The application was granted by the Superior Court of Québec today.

The CCAA Proceedings will allow the Court-appointed monitor, Raymond Chabot Inc. (the "Monitor"), to implement a restructuring plan. Work on the Projects and unit sales will continue throughout this process, subject to access to interim financing during the CCAA Proceedings. The goal is to reshape Project operations, reduce debt, and for the Projects to emerge from this process in a stronger financial position. The CCAA proceedings do not apply to Brivia's other development or construction projects.

"Brivia has proudly operated as a Quebec-based real-estate investment and development company for over 25 years. Like many others in our industry, we have faced significant economic challenges in recent years, including pandemic-related work stoppages, supply chain disruptions, and rising interest rates. A CCAA restructuring for these specific Projects is a significant change to our operations, but we have agreed to collaborate with our Lenders in their decision to proceed as such in order  to navigate these headwinds, minimize the damages to the Projects and ensure the Projects' long-term success," states Kheng Ly, Founding President and Chief Executive Officer of Brivia.

Decision-Making Process

Brivia after having extensively considered other alternatives and a number of factors, has agreed to collaborate with the Lenders pursuing a restructuring of the Projects under the CCAA, with the goal of safeguarding the long-term interests of the Projects, Brivia employees, customers (including condominium-unit purchasers), suppliers, creditors and other stakeholders.

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¹ Respectively, 9399-6767 Québec Inc., 1201-1215 Phillips Square Phase II Development GP Inc., 9368-9008 Québec Inc. and 1228 Mansfield Development GP Inc.

Interim Financing

In conjunction with the CCAA Proceedings, certain Lenders will extend interim financing (DIP financing) that shall provide the required liquidity to meet anticipated needs of the Projects throughout the CCAA Proceedings.

Sale and Investment Solicitation Process (SISP)

During the CCAA restructuring, the Monitor will initiate a Sale and Investment Solicitation Process (SISP). The SISP is designed to solicit interest in, and opportunities for, a sale of or investment in all or part of the Projects. This process aims to facilitate a restructuring plan that will enable the Projects to emerge from CCAA protection as a going concern, positioned for long-term success.

About Brivia

Brivia is a real-estate investment and development company with one of the largest group of companies in the residential-construction industry in the province of Quebec, with activities across Canada. Brivia currently employs approximately 30 employees and operates or has investments in approximately 10 projects in Quebec and 13 projects across Canada. Its head office is situated in Montréal, in the province of Quebec. For more information, visit www.briviagroup.ca.

SOURCE Brivia Group

Media Contact for the Projects: Raymond Chabot Inc., https://www.raymondchabot.com/en/business/public-records/mansfield-phillipssquare/, [email protected]; Media Contact for Brivia Group: Patrick Thibault, [email protected], www.briviagroup.ca