Quebec Superior Court has extended the deadline for the sale of Château Royal until Wednesday, May 9.
On Feb. 29, the court ordered Deloitte Touche, the receiver for the insolvent Dollard des Ormeaux seniors residence, to proceed with a sale offer put forward by LRM Management Ltd., of Montreal, on behalf of a company yet to be incorporated.
However, according to court-appointed receiver Benoît Clouâtre, such transactions are only completed once the buyer is satisfied that all the details are in order, an often-lengthy process.
“The transaction, as it is contracted, is conditional on due diligence,” the Deloitte partner explained.
“Right now the potential buyer is performing his due diligence and, following the result of all his work, we will hopefully be able to complete the transaction. But it is all conditional upon the due diligence for which I am still awaiting the final decision.”
“In the meantime, the court has extended the period for the stay,” the chartered accountant added.
Mr. Clouâtre continues to oversee operations to ensure that the elderly residents of Château Royal remain well cared-for.