A judge had given SM International Holdings 90 days to pay the outstanding balance, which the company president promised to do with 'family money' coming from China
Will the southern Ontario company that owns Sault Ste. Marie's largest shopping centre pay its $18-million debt by today’s court-imposed due date? Or will a judge be asked to intervene, kickstarting receivership proceedings?
The purchase price was $30 million: $12 million in cash and $18 million in what is known as a “vendor take-back mortgage” . According to the terms of the mortgage, the full amount was to be repaid to Algoma Central 24 months after the sale.
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