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New Tecumseth on list of claims exposed in Walton's creditor protection status

Posted June 14, 2017

Walton South Simcoe Residential Development Corporation (West Country Beeton), one of the 32 Walton International Group holdings under creditor protection, shows $5.9 million in unsecured claims, including a small sum owed to the Town of New Tecumseth.

New Tecumseth Director of Finance, Mark Sirr told Free Press Online it relates to a water meter inspection fee whose invoice was for $55.

Walton Group's Ontario division announced its partnership in the West Country subdivision proposal in Beeton in July 2013, which was being developed as "a joint residential project" with Alliance Homes (Alex Troop), and Cosmopolitan Homes. After a few years of delays, construction on the new homes is well underway.

As with its other holdings in creditor protection, Walton's West Country interest is in the sale and investment solicitation process (SISP) whose bidding deadline is June 28 and target closing date of August 3. The monitor, Ernst and Young, includes a note linking Walton with 22 lots.

"While these development projects may be insolvent on a cash flow basis, it is expected that an orderly, court-supervised SISP will allow the (Companies Creditors Arrangement Act) CCAA Entities to monetize their interests in the development projects promptly and realize their fair market value," according to an FAQ page. "It is anticipated that an orderly monetization will allow payment in full to all the secured lenders, and provide the highest return currently possible to the unsecured creditors and investors."

Walton's other holdings in New Tecumseth, which reportedly totals about 4,000 total acres, are not affected by the CCAA process.

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All stories, unless otherwise noted,
by Tony Veltri
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