All´s not so quiet on the Balzac front
At today´s CCAA hearing in Calgary one of the creditors made an amended proposal to buy out a number of the secured creditors and be the only mortgagee. The conditions of the initial Offer were amended sufficiently to obtain approvals and the offer was accepted by the Court.
There are outstanding issues that must be resolved.
UHA has yet to obtain an Environmental clearance on the lands where the old farmhouse was located.
Rockyview has to commence the subdivision process so that UHA can obtain title to their 22 acres of land.
If this offer is not completed by June 30, 2010, one of the mortgagees will proceed to foreclosure.
Neither the completion of this proposal nor the mortgage foreclosure guarantee that the race track will proceed soon or at all. All they guarantee is some resolution of the debt status of UHA.
Stay tuned.
