Court-ordered protection from lenders ends Oct. 31 as insolvency proceedings slowly begin to wind down for crumbling real estate empire linked to SID Developments
The out-of-town landlords behind nearly a dozen corporations that racked up $144 million in debt buying up hundreds of rental properties across Ontario will continue to have court-ordered protection from their creditors until the end of October.
The term sheet allows for both first and second mortgagees to place credit bids, using their secured debts, in order to take ownership of their respective properties. It replaces the initial Sales and Investment Solicitation Process , which faltered after KSV Restructuring determined that none of the 464 letters of intent received provided “sufficient proceeds” to repay both secured lenders and a $12-million debtor-in-possession credit facility in full.
The group of companies — helmed by landlords Dylan Suitor, Ryan Molony and Clark’s wife, Aruba Butt — was granted court-ordered protection from numerous lenders in January, claiming more than $100 million in debt and less than $100,000 in cash on hand. The creditor protection also extends to more than 30 civil lawsuits filed against the group.
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