The Globe and Mail reports in its Saturday edition that Toronto Artscape Inc., a non-profit that provided affordable housing and studio space for artists for more than 30 years, has formally entered bankruptcy proceedings -- a process set in motion last summer when it failed to repay millions owed to TD Bank as it sank further into debt. The Globe's Greg Mercer writes that Artscape announced in August that the bank, its primary lender, was taking steps to place the organization into receivership. The non-profit owed TD Bank more than $21-million, and its long-term debt had ballooned to $31.7-million by the end of 2022. It ran a deficit from operations of $3.7-million that year, according to court filings. The bankruptcy process begins as Artscape unveils more details about its restructuring plan, which will create a new affordable housing non-profit group, called ANPHI Affordable Homes Inc., and a separate non-profit entity called ArtHubs Toronto Inc., which will take over operation of all community cultural hubs previously operated by Toronto Artscape Inc. It also announced that OCAD University will serve as a "strategic partner" for ArtHubs, providing a $350,000 loan in exchange for a seat on the governing board.