Saturday, October 18, 2008

Extended CCAA Period for Humber Valley Resort Corp. HVRC

So Humber Valley Resort Corporation (HVRC) filed for the CCAA process on 5th Sept-08. They were back in court 6th Oct-08, along with key creditor representatives including the HVR Owners, Home Construction, Marine Contractors and Maxium Financial Services (golf equipment providers) ...

The resort was looking for extension through to 5th Dec-08 ... which with various caveats ... was granted. There was various debate about the salaries (and extra payments) made to staff that have retained their positions. The punchline being, they keep their pay and agreed extra payments.

Maxim were providers of golfing equipment to the resort, and had an amazing $900k of kit on resort, which they are trying to recover - to no effect as far as the Honourable Justice Robert Hall was concerned! They will have to wait like the rest of us!

The punchline of the session, though with several specific statements and actions, did actually give Humber Valley Resort Corporation (and the other HVR companies) an extension through to 5th December 2008.

Now the HVRC (the resort) needs to present their "plan" ... and get all creditors to accept it.

ALL the key players are in London on Wednesday 22nd and Dublin on 23rd for a presentation by the CCAA Monitor, Derrick White and Jayne McGiven ... (see you there?) ... of the plan and the future ... It would be fair to say the week ahead - is ULTRA IMPORTANT to the future of the resort!

More after the London meeting!

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