REVscene Automotive Forum - View Single Post

pastarocket · 02-10-2023, 08:11 AM

Here's an interesting article about real estate from a different perspective. The developer.

I notice that this thread is mainly discussion about real estate from the perspective of buyers and sellers.

This developer Coromandel Properties Ltd. is pretty fucked now. Over $700 million bucks in debt. Sixteen housing projects are in jeopardy because of big financial trouble that Coromandel is facing now.

https://vancouver.citynews.ca/2023/0...loper-bailout/

A Vancouver property developer is going to the courts for a bailout, saying it can’t pay over $700 million in debt, putting 16 housing projects in jeopardy.

Coromandel Properties Ltd. has filed a petition to BC Supreme Court this week asking for relief under the Companies’ Creditors Arrangement Act, indicating the need for relief is “urgent.”

The petition, if successful, would give the company time to deal with financial problems due to stagnated progress on the 16 developments. The company cites difficulty paying its debts due to rising interest rates.

Many of the properties in question are on Cambie Street in Vancouver, with lots that are slated to be high-rise residential units. There are also parcels on Alberta Street, Ash Street, Georgia Street, and Manson Street.

In a request for comment from CityNews, Coromandel gave a statement confirming its petition.

“If the court grants their request for protection, Coromandel will work towards restructuring its finances and advance its operations,” the statement said.

02-10-2023, 08:11 AM	#24873
pastarocket Willing to sell body for a few minutes on RS Join Date: Feb 2010 Location: Vancouver Posts: 10,692 Thanked 4,484 Times in 2,232 Posts Failed 699 Times in 223 Posts Member's Picture Albums	Here's an interesting article about real estate from a different perspective. The developer. I notice that this thread is mainly discussion about real estate from the perspective of buyers and sellers. This developer Coromandel Properties Ltd. is pretty fucked now. Over $700 million bucks in debt. Sixteen housing projects are in jeopardy because of big financial trouble that Coromandel is facing now. https://vancouver.citynews.ca/2023/0...loper-bailout/ A Vancouver property developer is going to the courts for a bailout, saying it can’t pay over $700 million in debt, putting 16 housing projects in jeopardy. Coromandel Properties Ltd. has filed a petition to BC Supreme Court this week asking for relief under the Companies’ Creditors Arrangement Act, indicating the need for relief is “urgent.” The petition, if successful, would give the company time to deal with financial problems due to stagnated progress on the 16 developments. The company cites difficulty paying its debts due to rising interest rates. Many of the properties in question are on Cambie Street in Vancouver, with lots that are slated to be high-rise residential units. There are also parcels on Alberta Street, Ash Street, Georgia Street, and Manson Street. In a request for comment from CityNews, Coromandel gave a statement confirming its petition. “If the court grants their request for protection, Coromandel will work towards restructuring its finances and advance its operations,” the statement said. __________________ Go Canucks go!