CALGARY, Alberta--(BUSINESS WIRE)--Walton Westphalia Development Corporation (the “Corporation”) announced today that its wholly-owned United States subsidiary and Walton Westphalia Europe, LP, an affiliate of the Corporation and the other co-owner of the Westphalia property have received written confirmation of forbearance ("Forbearance") from their senior lender (the “Senior Lender”) under their senior loan (the “Senior Loan”). The Senior Lender agreed, absent a change in circumstances, to forbear until the current maturity date of June 30, 2017 from exercising its enforcement rights and remedies relating to the appraisal-related default as set out in the default notice that was announced by the Corporation on May 11, 2017.
The Corporation continues to work through solutions with the Senior Lender to extend the Senior Loan beyond the maturity date on mutually acceptable terms and is also assessing other options to recapitalize the project.
The Corporation is managed by Walton Asset Management L.P. and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies (“Walton”) is a multinational real estate investment, planning and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors.
Walton has been in business for over 35 years and takes a long-term approach to land planning and development. Walton’s industry-leading expertise in real estate investment, land planning and development uniquely positions Walton to responsibly transition land into sustainable communities where people live, work and play.
The Walton Group manages 21 active developments and administers or manages over 108,000 acres of land in North America.
Its communities are comprehensively designed in collaboration with local residents for the benefit of community stakeholders. Its goal is to build communities that will stand the test of time: hometowns for present and future generations.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information relating to the Forbearance and the potential consequences thereof and actual future results may differ from what is disclosed in this news release. The risks, uncertainties and other factors that could influence results are described in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.