On November 5, 2010, Bear Mountain Land Holdings Ltd., a wholly owned subsidiary of HSBC Bank Canada, acquired the assets of Bear Mountain Master Partnership, consisting of The Westin Bear Mountain Victoria Golf Resort & Spa, two Jack Nicklaus-designed golf courses and a master-planned residential development comprising more than 5,500 building and strata lots.
The acquisition was completed following creditor and court approval of a plan of reorganization filed under the Companies' Creditors Arrangement Act (Canada) filed by HSBC which saw the assets of Bear Mountain Master Partnership vest in Bear Mountain Land Holdings Ltd. as part of a restructuring of bank and other debt in excess of $250,000,000.
A team lead by John Grieve (insolvency) and further consisting of Brent Lewis (insolvency and banking); Blair Horn (M&A); Peter Finley (corporate and commercial); Sergio Custodio (real estate); Marcel Peerson and Stuart Brotman (insolvency) and Frank Schober (tax) from Fasken Martineau DuMoulin LLP acted for HSBC Bank Canada, with the assistance of Ronald Argue and Lorna Strong, Associate General Counsel, HSBC Bank Canada.
Bear Mountain Master Partnership was represented by Jane Milton, QC, (insolvency) and John Sampson and Christian Petersen (real estate) of Bull, Housser & Tupper LLP; and Starwood Hotels & Resorts Worldwide, Inc. (Westin Hotel Management, L.P.) was represented by in-house counsel Kathie Lee.
The Monitor, PricewaterhouseCoopers Inc., was represented by Colin Emslie and John Sandrelli of Fraser Milner Casgrain LLP.