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

Over 200 lives saved in first year at Victoria’s supervised consumption site

The Harbour celebrates its first anniversary with a report of zero deaths on site

Greater Victoria group helps low-income, at-risk seniors stay safe

Victoria chapter of 100+ Women Who Care donate $30,300 to Eldercare Foundation

Victoria businesses remain plastic-bag free, despite court ruling

Business association says no one has inquired into re-establishing the use of plastic bags

Views, brews and food on Gulf Islands craft beer cruise

Five day cruise from Sidney to Gulf Islands, includes chef and beer historian

Researchers head out from Sidney to explore Canada’s largest underwater volcano

The Explorer Seamount is as large as Greater Vancouver and full of previously undiscovered species

VIDEO: Dashcam video captures moment Victoria cyclist struck

Police seeking cyclist captured in video

Wolves not to blame for Island’s declining deer population, says researcher

Forestry practices, not predation, blamed for reduced numbers in prey animals

UPDATE: Youth seen with gun at Nanaimo mall, suspect now in custody

Woodgrove Centre shut down during police incident

B.C. man dies from rabies after contact with Vancouver Island bat

Last known case of human rabies in B.C. was 16 years ago

Crown recommends up to two-year jail term for former Bountiful leader

Crown says sentence range should be 18 months to two years for Bountiful child removal case

VIDEO: Wolf spotted swimming ashore on northern Vancouver Island

Island wolf population estimated at under 150 in 2008, says VI-Wilds

Diversity a Canadian strength, Trudeau says of Trump tweets at congresswomen

Trudeau avoided using Trump’s name when he was asked about the president’s Twitter comments

B.C. couple bring son home from Nigeria after long adoption delay

Kim and Clark Moran of Abbotsford spent almost a year waiting to finalize adoption of Ayo, 3

Garneau ‘disappointed’ in airlines’ move against new passenger bill of rights

New rules codified compensation for lost luggage, overbooked flights

Most Read