League granted CCAA extension until June

After a week in court League Group is seeing a few changes but will remain in creditor protection until June.

  • Nov. 22, 2013 6:00 p.m.

After a week in court League Group is seeing a few changes but will remain in creditor protection until June.

During a B.C. Supreme Court hearing John Parkinson has been appointed the interim chief executive officer of League Financial Partners, the group behind Colwood’s Capital City Centre project.

The court has approved the appointment and an extension to the Companies’ Creditors Arrangement Act.

League Filed for the CCAA Oct. 18 and was back in court Nov. 18 and 22. The CCAA proceeding has been extended until June 28, 2014.

IGW Public Limited Partnership, a member of the League Group, was also approved to sell all its units in TSX-listed Partners Real Estate Investment Trust (REIT), to McCowan and Associates Ltd., a private company, for about $27 million.  The sale is estimated to be worth more than $27 million with the proceeds to be used to pay off some of League’s debt. Capital City Centre is not a part of this sale.

“The extension and the sale represents a step forward in the League Group’s progression through the CCAA process”, said Parkinson in a press release. “We are impressed with McCowan and Associates and believe their involvement will play a significant role in the future of Partners REIT.”

 

Just Posted

Chinese Culture to light up 2019 Victoria Day Parade

Groups hopes Greater Victorians ‘view the culture, embrace the friendship’

Struggling Victoria adoption agency elects new board that intends to keep it open

The previous board announced that Choices would close May 31

Royal and McPherson Society pleads its case to Victoria council

‘Dark days’ at Royal, user groups’ weekend priorities make scheduling other entertainment challenging

Uplands Park champion to earn provincial award

B.C. Community Award for Margaret Lidkea coincides with Sunday’s volunteer celebration

Oak Bay Sgt. struggles through emotional testimony in double murder trial

Andrew Berry is charged with second-degree murder in deaths of daughters Chloe (6) and Aubrey (4)

VIDEO: Killer whales hunt for seals in Vancouver harbour

Bigg’s killer whales feed on marine mammals like seals, sea lions, dolphins and even other whales

Wanted by Crime Stoppers

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Do you think the Notre Dame Cathedral in Paris should be rebuilt?

Images of one of the word’s most iconic landmarks were seared into… Continue reading

VIDEO: B.C.’s waving granny gets incredible send-off from school kids

Tinney Davidson has been waving at students on their way to school for over 11 years, but is moving in a month

Island-born Snowbirds pilot enjoying homecoming in skies over Comox

Logan Reid once stood clinging onto the fence outside the Comox Air… Continue reading

Attack on student in Courtenay ‘way more than bullying’, says mom

A Comox Valley mother said “it was way more than bullying” at… Continue reading

Vancouver man, 19, charged in human trafficking case involving teen girl

The 16-year-old girl was reported missing and later discovered in Vancouver

Blaine, Wash. inn owner, charged with smuggling people into B.C., granted bail

Robert Joseph Boule ordered to turn away anyone indicating a plan to enter Canada illegally

Most Read