Troubled Developer Urbancorp Sells Projects to Homebuilders

  • Court approves asset sales to Mattamy Homes unit, landlord
  • Urbancorp projects include townhome sites, condominiums

Urbancorp, the Canadian residential developer that sought bankruptcy protection this year after defaulting on its Israeli debt, sold six of its properties to buyers ranging from local residential developers to a closely held company.

The deals, disclosed in court orders dated Sept. 15 approving the transactions, are the latest step in the restructuring Urbancorp initiated in April when filing for bankruptcy protection. Proceeds from the sale are aimed at paying back homebuyers and repaying debt, including the C$68 million ($52 million) owed to lenders including Toronto-Dominion Bank and Bank of Nova Scotia, and about C$90 million owed to architects and contractors…

Troubled Developer Urbancorp Sells Projects to Homebuilders

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