In December, 2014, a subsidiary of the Onni Group acquired the former Capital City Centre development located in Colwood, B.C. from the League Group through a court-approved Restructuring Agreement under that Companies’ Creditors Arrangement Act and Bankruptcy and Insolvency Act consolidated proposal.
Under the Restructuring Agreement and the Proposal, Onni entities provided a significant DIP Loan to Colwood City Centre Limited Partnership to repay certain secured creditors and acquired ownership and control of Colwood City Centre Limited Partnership and its assets for additional consideration. The transaction also involved the acquisition of debt of the owner of the Capital City Centre development in the approximate amount of $150 million.
The Onni Group was represented by Farris, Vaughan, Wills & Murphy LLP, with a team comprising Mitchell Gropper, QC, David Gruber, Jamie Matthews and Melissa Mitchell.
The League Group was represented by Clark Wilson LLP with a team comprising Chris Ramsay and Katie Mak.