Château Dollard & Château Royal creditors

Who owes, how much and to whom?

By Robert Frank
www.thesuburban.com

According to Château Dollard’s court-appointed receiver, Éric St. Amour of PriceWaterhouseCoopers, the town of Dollard des Ormeaux is, by far, Château Dollard’s largest unsecured creditor, owing the town $273,358.71.

Mayor Ed Janisczewski was sanguine about the unpaid taxes. “Although we are not secured creditors, Dollard des Ormeaux is a preferred creditor, and we expect to collect these funds once the facility has a new owner.”

The mayor pointed out that if the property cannot be sold commercially, “it will certainly be sold at auction,” if it comes to that. Château Dollard’s second-largest unsecured creditor is for unpaid Montreal-island school taxes of $80,078.

Royal Bank of Canada, which was attempting to sell the property on the owners’ behalf prior to the receivership order, has been ordered by Quebec Superior Court judge Louis J. Gouin to continue the sale process and solicit offers under the supervision of PriceWaterhouseCoopers’ court-appointed receiver, Éric St. Amour.

Mayor Janisczewski told The Suburban that he is optimistic that a new owner will be found for the troubled seniors residences and that residents will not be adversely affected.

He observed that “there is currently a surplus of eldercare space in Montreal” owing to a flurry of construction several years ago, and that “occupancy is at 50 per cent”.

“If these facilities had 90 per cent occupancy, they would not be experiencing financial difficulty,” he concluded. However, according to Price Waterhouse Coopers, Château Dollard’s four secured creditors are owed amounts that outstrip—by far—amounts owed to all the unsecured creditors combined: Computershare Trust Company of Canada ($10.1 million), Revenue Quebec ($281,497) and the Commisison de santé et de la sécurité du travail ($49,357).

Although PriceWaterhouseCoopers did not disclose the amount that Château Dollard owes to Kingsett Canadian Real Estate Income Fund, a secured creditor, court documents show that its sister firm, Château Royal, currently owes Kingsett $15 million plus accrued interest, bringing the total owed by both residences to at least $26 million. 
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