On February 6, 2023, Coromandel Properties filed for creditor protection under the federal Companies’ Creditors Arrangement Act (CCAA) while carrying over $700 million of debt across 16 active real estate projects.
Although Metro Vancouver (and beyond) has seen numerous others since then, the insolvency of Coromandel Properties was one of the earliest of the recent cycle and remains unmatched in terms of the amount of projects.
It’s now been over two years since the company’s filing, and although many of their lenders have secured some recovery through court-ordered sales, some still have not, including the company’s original seed investors, who filed an application last month to place various entities of Coromandel under receivership….
