One of Toronto’s biggest property developers wants to restructure itself by selling assets to pay down debt and finish the more than 1,000 housing units it is currently trying to build across the Greater Toronto Area.
Urbancorp Toronto Management Inc. said on Friday it is seeking to restructure its operations under Canada’s Bankruptcy and Insolvency Act, and is asking a court for permission to sell assets to pay down debt.
“We determined, after much consideration and consultation, that a court-supervised process is the best way to deal with current cash flow issues,” CEO and founder Alan Saskin said in a statement. “This will allow us to reduce debt in an efficient manner while continuing to focus on our core business….
Read the full article at: http://www.cbc.ca/news/business/urbancorp-housing-restructuring-1.3551705