Creditor plans to push for court-supervised sale process of Stephenville airport
CBC
A Newfoundland and Labrador Supreme Court judge has extended the interim receivership over the Stephenville airport, as an application looms to kickstart a potential sale of the property.
Meanwhile, a just-completed report outlines the “deteriorating” status of the infrastructure there.
That includes more than two dozen photos showing broken pipes, evidence of “significant damage” sustained in the three main buildings, and the inability to even look at other areas that are inaccessible due to snow.
“The airport is presently non-operational, uninsured for property risks at the time of appointment, without utilities, and has sustained material damage to its heating and plumbing systems,” interim receiver Janes and Noseworthy wrote in its first report to the court.
“Restoration of full operations would require significant capital investment, the extent of which is presently unknown and speculative.”
Last month, creditor BTG Capital was successful in having a 30-day interim receivership order granted for the numbered company behind the airport.
On Friday, Associate Chief Justice Rosalie McGrath extended that interim order to March 9.
William Cahill, a lawyer for BTG, said the company plans to proceed to a full receivership application and “approval of the sales process to come” before then.
“The carrying costs and the potential disruption here are major concerns, with the thawing weather of the spring coming — with broken pipes and water,” Cahill told the court.
“There’s major costs potentially coming. We’re trying to get this done as quick as we can.”
The interim receiver’s report supported BTG’s intention to seek approval for that next step.
“A timely, court-supervised sale process represents the most efficient and transparent means of maximizing value and preserving stakeholder interests,” Janes and Noseworthy advised.
“Delay in commencing such a process risks further physical deterioration of the property and additional financial exposure.”
In the report, Janes and Noseworthy highlighted a series of issues facing the airport.
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