CALGARY, Alberta--(BUSINESS WIRE)--Walton Edgemont Development Corporation (the “Corporation”) is pleased to announce that it has obtained an order from the Court of Queen's Bench of Alberta approving the previously announced sale of the Corporation's interest in approximately 123.4 acres of the "Edgemont" properties located in Edmonton, Alberta (the "Transaction") pursuant to the terms of a purchase and sale agreement dated October 10, 2017 between the Corporation and Rohit Communities Inc. (the "Sale Agreement").
As previously announced, the Transaction is expected to close on November 23, 2017. The Sale Agreement contains customary terms and conditions for a transaction of this nature and represents a disposition of the majority of the real estate assets of the Corporation. Proceeds from the Transaction will be used to repay Court-ordered charges and project debt, with any surplus to be held pending further Order of the Court. Following closing of the Transaction, the Corporation will complete the remaining construction and maintenance obligations and continue to collect outstanding receivables owing to the Corporation in relation to its prior development activities. Early in 2018 the Corporation expects to present a plan of arrangement to its creditors that will allow for the orderly wind-up of the Corporation and ultimately a final distribution to creditors and equity holders.
Additional Information
The Corporation is managed by Walton Asset Management L.P. and the development of the project is managed by Walton Development and Management LP, both of which are members of the Walton Group of Companies (“Walton”).
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.
For more information about Walton Edgemont Development Corporation, please visit www.sedar.com. For more information about Walton, visit www.Walton.com.
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, 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.