Victoria-based Aviawest Group has won an extension of credit protection from the Supreme Court of B.C. as it attempts to refinance nearly $100 million in debt on resort properties in B.C., including its flagship Parkside Resort and Spa in Victoria and luxury suites at the Rosedale on Robson in downtown Vancouver.
The extension was granted early in November said court-appointed monitor Mark Wentzell of Grant Thornton Ltd.
"During this time, the company will work on a restructuring plan," Jim Pearson, Aviawest CEO, said in a statement. The creditor protection process "is in the best interests of all stakeholders, and we are pleased the courts granted us an extension of the order. Although the circumstances are challenging, we look forward to working with our creditors to achieve the best possible outcome.
"Over the past two weeks, we have had positive responses from potential restructuring partners. We will work hard over the next five weeks to take these relationships to the next level."
Total liabilities for the group of companies total $99.468 million, Grant Thornton said in a report to court. Of that, $70.5 million is owed to secured creditors and $27.57 million to unsecured creditors.
Aviawest also owns the Pinnacle Lodge at Sun Peaks Ski Resort near Kamloops; the Water's Edge Resort in Ucluelet; and the Pacific Shores Resort and Spa at Parksville.
For a full report on Aviawest and the resort industry in B.C., see the December 2011 edition of Western Investor
