24 Properties - Ongoing Continued Operations
We were appointed Receiver by the court for the companies and related properties on a court motion brought by a number of the property mortgagees in North America.
We took possession and control of the properties and underlying businesses and continued operations in the businesses that were currently in operation to preserve as much value as possible. Included in the continued operations were four retirement homes, five commercial properties, two private schools and daycares, two multi-unit apartment buildings, a golf course and a number of properties under development and/or were vacant buildings and land. Once all the assets were stabilized, a court-approved sales process, agreeable by all the relevant mortgagees, was undertaken to sell the assets and/or properties.
Globally, the receivership encompasses 12 legal entities which owned 24 properties. The Court Order provided for ring fencing among all the real properties and businesses resulting in a separate estate and operating and liquidating strategy for each property.
At time of writing the receivership is ongoing, however we have sold but one of the properties and the mortgagees and secured lenders have been repaid in full.