Adam Gant

Adam Gant

UPDATE: Capital City Centre files for creditor protection

League Financial Partners filed for a Companies' Creditors Arrangement Act (CCAA), Oct. 18 a proposal should be available Nov. 22.

League Financial Partners have been in court this week dealing with a  proposal to its creditors and shareholders. It filed for a Companies’ Creditors Arrangement Act (CCAA), Oct. 18.

Court was set for Nov. 18, 19 and 22.

An outcome and information should be made available to creditors and shareholders by Friday afternoon, Nov. 22.

***************************************************************

What was once set to be largest development on Vancouver Island, is caught in a tight financial hurdle.

League Financial Partners, the group behind Colwood’s Capital City Centre project, filed for a Companies’ Creditors Arrangement Act (CCAA), Oct. 18.

This a process where a corporation seeks the court to put a stay into place for its creditors and shareholders.

Between struggles with gaining financing for the Colwood project and one in Duncan along with challenges creating two public companies last year, League felt filing for CCAA was the only option, said Adam Gant, League group CEO.

“We needed to protect the assets during the reorganization,” Gant said adding once the process is complete, “We will have a stronger company and cleaner simpler company.”

Gant explained there is uncertainty during this stage in the CCAA, he has positive hopes for Capital City Centre’s future.

“My personal desire is to see it be developed, there is a lot of value in that,” Gant said.

Since filing League has 30 days (to Nov. 18) to come up with a plan to propose to its creditors and shareholders. This is often a step taken to avoid bankruptcy.

League said it has started a restructuring plan, but the terms of that plan have not been announced.

Price Waterhouse Cooper in Vancouver will be handling the CCAA.

“This is disappointing for sure,” said Colwood Mayor Carol Hamilton. “League has 105 projects and if you have 105 projects in the air, something is going to fall.”

Capital City Centre was marketed to Colwood residents as creating a “downtown” hub for the city.

“This project is a priority and even if it’s not League who finishes it (someone will be keen to). It’s a very attractive site,” Hamilton said adding all the site remediation and underground work are complete. “The ground up stuff is relatively simple.”

 

 

 

 

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The construction zone remains for now at Clover Point, but plans for a new pedestrian zone and partially closed traffic loop were approved by Victoria councillors on Thursday. (Don Descoteau/News Staff)
Victoria council compromises with partial closure of Clover Point

Option preserves parking 14 spots facing ocean, creates more pedestrian space

(Black Press Media file photo)
Trees Cannabis to reignite downtown Victoria location as licensed store

The dispensary will reopen its 230 Cook St. location on Saturday

A wind warning is in effect for Greater Victoria Thursday afternoon. (Black Press Media file photo)
Strong winds predicted for Greater Victoria

Environment Canada issues warning for Thursday afternoon

Sergeant Francis Dion with the box containing HMCS Calgary’s new secret mascot costume. (HMCSNCSMCalgary/Facebook)
Don Devenney is a Goldstream Gazette 2021 Local Hero as Community Builder of the year. (Don Denton/Black Press Media)
West Shore volunteer’s efforts an exercise in adventurous pursuits

Don Devenney is the 2021 recipient of the Community Builder Award

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature. (B.C. government)
B.C. reports 10 additional deaths, 395 new COVID-19 cases

The majority of new coronavirus infections were in the Fraser Health region

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of Feb. 23

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

(Black Press Media File Photo)
POLL: Are you struggling with Greater Victoria’s cost of housing?

While Victoria remains one of the most expensive cities in the country… Continue reading

Nanaimo Ladysmith Public Schools is preparing a rapid response team proposal for submission to the B.C. Ministry of Education. (Chris Bush/News Bulletin)
Nanaimo-Ladysmith school district chosen as COVID-19 rapid response team

Team to consist of SD68 and Island Health staff, according to B.C. Ministry of Education

A new survey has found that virtual visits are British Columbian’s preferred way to see the doctor amid the COVID-19 pandemic. (Unsplash)
Majority of British Columbians now prefer routine virtual doctor’s visits: study

More than 82% feel virtual health options reduce wait times, 64% think they lead to better health

Captain and Maria, a pair of big and affectionate akbash dogs, must be adopted together because they are so closely bonded. (SPCA image)
Shuswap SPCA seeks forever home for inseparable Akbash dogs

A fundraiser to help medical expenses for Captain and Maria earned over 10 times its goal

The missing camper heard a GSAR helicopter, and ran from his tree well waving his arms. File photo
Man trapped on Manning mountain did nearly everything right to survive: SAR

The winter experienced camper was overwhelmed by snow conditions

Castlegar doctor Megan Taylor contracted COVID-19 in November. This photo was taken before the pandemic. Photo: Submitted
Kootenay doctor shares experience contracting COVID-19

Castlegar doctor shares her COVID experience

Ashley Paxman, 29, is in the ICU after being struck by a vehicle along Highway 97 Feb. 18, 2021. She remains in critical condition. (GoFundMe)
Okanagan woman in ICU with broken bones in face after being struck by car

She remains in serious condition following Feb. 18 incident

Most Read