Most properties in massive northern Ont. real estate insolvency sold
CTV
The 323 most profitable of 407 properties in northern Ontario owned by insolvent real estate companies have been sold.
The 323 most profitable of 407 properties in northern Ontario owned by insolvent real estate companies have been sold.
It's the latest development in the high-profile collapse of a group of 11 companies that owned houses and apartments in Timmins, Sault Ste. Marie, Sudbury, Kirkland Lake, Capreol, Val Caron and Temiskaming Shores.
The 407 properties had a total of 631 units.
The group was one of the largest real estate owners in northern Ontario when it declared insolvency in January under the Canadian Companies' Arrangement Act.
Initial estimates of their debts at the time were as high as $144 million, but KSV Advisory, the firm overseeing the CCAA process, said the actual amount is about $90 million.
Sales of the 323 properties received court approval earlier this month. They were purchased by secured debtors, who submitted credit bids to KSV.
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