The Globe and Mail reports in its Friday edition that Toronto Artscape Inc., a provider of affordable housing and studio space for artists, owed TD Bank more than $21-million when it announced last summer that it intended to wind down. The Globe's Josh O'Kane writes that the revelation is contained in new court documents filed ahead of an impending court hearing that is expected to begin the non-profit's receivership process. The filings show the process was triggered in June, when Artscape failed to repay $4-million that came due on an operating loan that month. Its total long-term debt had reached $31.7-million by the end of 2022, and it ran a deficit from operations of $3.7-million that year. Artscape and its former chief executive officer, Tim Jones, initially cited the COVID-19 pandemic's blow to the real-estate market and in-person events as the chief reasons for the non-profit's financial failure. However, The Globe's analysis of Artscape's long-term finances in the fall showed that much of this debt was tied to its flagship Launchpad project on the Toronto waterfront. The new documents, filed ahead of the coming hearing, reveal the extent of Artscape's struggles in the two years leading up to its insolvency.