Walton International Group Granted Bankruptcy Protection
One of the largest property developers in Alberta is in creditor protection after losing $67.3 million in the past three years following the oil downturn and troubles south of the border. Walton International Group Inc. and numerous related companies were granted protection from creditors last week by a Calgary judge, according to documents filed by court-appointed monitor Ernst & Young. This gives Walton time to restructure and resolve its debt problems. The Calgary-based developer administers about 43,000 hectares of land in North America, including 15 land development projects in Alberta and Ontario, and six in the U.S., according to an affidavit by chief executive William K. Doherty. The company's website lists three current Calgary developments — SkyView Ranch, Cornerstone and Point Trotter — and nine Edmonton developments.
Tags : INTERNATIONAL