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.”