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Urbancorp

Urbancorp commenced business in 1991. Urbancorp primarily engages in the development, construction and sale of residential properties in the Greater Toronto Area. Urbancorp owns several real estate projects in various stages of development and construction.

As a result of liquidity issues, concerns raised by Tarion Warranty Corporation, the Ontario agency which provides new home warranties, and complications related to a bond issuance in Israel, Urbancorp approached our firm for strategic advice.  In April, 2016, certain Urbancorp entities commenced proceedings under the Bankruptcy and Insolvency Act by filing Notices of Intention to Make a Proposal.  These proceedings have been continued under the Companies’ Creditors Arrangement Act.

We are currently acting as the CCAA Monitor of approximately 25 Urbancorp entities. The primary purpose of the CCAA proceedings is to consider restructuring opportunities, which include the sale of Urbancorp’s real estate.             

KSV is also the Information Officer of Urbancorp Inc. (“UCI”).  UCI made a public offering of debentures in Israel for approximately $65 million.  UCI is subject to Israeli insolvency proceedings.  KSV is coordinating the restructuring of UCI with an individual appointed by the Israeli court who represents the interests of the bondholders.

  • Toronto, ON
  • Proposal; CCAA
  • Proposal Trustee; Monitor
  • Real Estate

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