{"id":2442,"date":"2012-02-16T16:35:00","date_gmt":"2012-02-16T16:35:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2012\/02\/16\/ddo-seniors-residence-owes-unsecured\/"},"modified":"2015-06-01T19:42:06","modified_gmt":"2015-06-01T19:42:06","slug":"ddo-seniors-residence-owes-unsecured","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2012\/02\/16\/ddo-seniors-residence-owes-unsecured\/","title":{"rendered":"DDO seniors residence owes unsecured creditors more than $6.4 million"},"content":{"rendered":"

Ch\u00e2teau Royal faces March 2 deadline<\/p>\n

By Robert Frank<\/b>
\nwww.thesuburban.com<\/b>
\n
\n<\/i>
\nThe Suburban<\/i> has obtained receivership documents for Ch\u00e2teau Royal, one of two financially troubled seniors residences in Dollard des Ormeaux.<\/p>\n

\nThey show that on Nov. 9, its Toronto-based owners filed a notice under the Bankruptcy and Insolvency Act that they will make a proposal as to how they will deal with their creditors. Quebec Superior Court has given them until March 2 to file the proposal. <\/p>\n

\nCourt documents name Kingsett Canadian Real Estate Income Fund as \u201cthe debtor\u2019s principal secured creditor\u201d and stated that RBC Capital Markets has been engaged \u201cto conduct a marketing process in order to seek strategic partners, investors and\/or potential purchasers.\u201d <\/p>\n

\nCh\u00e2teau Royal\u2019s court-appointed interim receiver, Beno\u00eet Clou\u00e2tre, a partner in Deloitte\u2019s Montreal practice, told The Suburban in an interview that \u201cwe were appointed [interim] receiver on Nov. 24.\u201d<\/p>\n

<\/p>\n

A separate, Jan. 13, Quebec Superior Court judgment identified a $15 million loan by Kingsett (not $50 million, as reported last week), secured by shares of a nearby seniors residence, Ch\u00e2teau Dollard. <\/p>\n

\nCh\u00e2teau Dollard, which is owned by the same numbered company as Ch\u00e2teau Royal was declared bankrupt, Jan. 27. Both were operated by Liberty Assisted Living of Toronto.<\/p>\n

<\/p>\n

In addition, Deloitte\u2019s list shows unsecured creditors are owed more than $6.4 million, including $283,034 owed to the town of Dollard des Ormeaux. <\/p>\n

\nMr. Clou\u00e2tre noted that \u201cas an interim receiver, you are there to protect interests but you are not in possession of the company, which is continuing to operate on its own.\u201d <\/p>\n

\n\u201cWe\u2019re under the stay until March 2,\u201d he concluded.\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ch\u00e2teau Royal faces March 2 deadline By Robert Frank www.thesuburban.com The Suburban has obtained receivership documents for Ch\u00e2teau Royal, one of two financially troubled seniors residences in Dollard des Ormeaux. They show that on Nov. 9, its Toronto-based owners filed a notice under the Bankruptcy and Insolvency Act that they will make a proposal as<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2442","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nDDO seniors residence owes unsecured creditors more than $6.4 million - Newscoverage<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newscoverage.org\/index.php\/2012\/02\/16\/ddo-seniors-residence-owes-unsecured\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DDO seniors residence owes unsecured creditors more than $6.4 million - Newscoverage\" \/>\n<meta property=\"og:description\" content=\"Ch\u00e2teau Royal faces March 2 deadline By Robert Frank www.thesuburban.com The Suburban has obtained receivership documents for Ch\u00e2teau Royal, one of two financially troubled seniors residences in Dollard des Ormeaux. 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