Sudbury news: Company with huge real estate holdings in the north has $144M in debt, files for CCAA protection

Sudbury news: Company with huge real estate holdings in the north has $144M in debt, files for CCAA protection


One of the largest owners of residential real estate in Ontario –with large holdings in northern Ontario – has filed for creditor protection after accumulating more than $144 million in debt.


The company would buy homes and apartment buildings, mainly in northern Ontario, renovate them and make a profit by renting them out at higher rates.


But rising interest rates ate up much of the cash that was supposed to be used for renovations, causing revenues to tank.


The group of companies, which filed for insolvency under the Companies’ Creditors Arrangement Act (CCAA), owns residential properties in Timmins, Sault Ste. Marie, Sudbury, Kirkland Lake, Capreol, Val Caron and Temiskaming Shores. The properties total 631 units – including single family homes and apartments — of which 424 are occupied.


Collectively known in court documents as “the company,” the group of

The Significance of Asset Protection

Real EstateLearn the most recent information about residential and business actual estate within the Seattle space and Pacific Northwest. Subsequently, whether or not you are a landlord who’s struggling to spend home financing with a rental or probably a tenant who could have reason to belief the home you is perhaps surviving in would possibly soon be going through foreclosure, it really is worth it to go to legal counsel and discover what possibility is out there before the scenario progresses additional within the unfavourable route.

Located on the centre with the Spanish resorts, the seafront eating places and apartments provide you with a dream holiday, at is just a short strolling distance away. Come and look your self anything that Mallorca?s citizens are devoted to provide you with: elegant eating places, spectacular seafront apartments, and relaxing holidays.

All these things need immediate consideration which warrants our some time to availability …

The Importance of Asset Protection

Real EstateRead the latest information about residential and commercial actual estate in the Seattle space and Pacific Northwest. One within the first issues lots of folks ask themselves is whether or not or not buying or hire a house. It’s vital to dwell on this question and meticulously lay out the values in addition to perks for each options, since your alternative may presumably alter several areas of your life. When you’re seriously contemplating getting a home, it could easily be helpful to remember these elements.

But it surely’s vital for you to uncover tips on how to handle the actual property property agents and also the company. Primarily you will need to look for a reliable actual estate property agency. Most of those firms are fake and underperforming. They neglect to keep their phrases and are extra inclined towards creating wealth. They aren’t in any means concerned with the issues …