Vancouver developer seeking creditor protection, facing $700 million in debt
CTV
Coromandel Properties Ltd. has submitted a petition to the Supreme Court of B.C. for relief under the Companies' Creditors Arrangement Act.
Coromandel Properties Ltd. has submitted a petition to the Supreme Court of B.C. for relief under the Companies' Creditors Arrangement Act.
Court documents show Coromandel owns 16 Vancouver real estate projects in various states of development, worth around $1 billion in total.
However, the company owes its lenders upwards of $700 million.
"If the court grants their request for protection, Coromandel will work towards restructuring its finances and advance its operations," said the company in an emailed statement.
Court files show the company started operating in Vancouver in 2013.
Vancouver realtor Steven Saretsky says he's watched the company through the years take a high-risk, high-reward approach to development.
"It works great in a rising market and when interest rates are falling, and obviously we're in the opposite now," Saretsky told CTV News.
