CALGARY, Alberta--(BUSINESS WIRE)--Walton Edgemont Development Corporation (the “Corporation”) is announcing that it closed the previously announced sale of the Corporation's interest in approximately 123.4 acres of the "Edgemont" properties located in Edmonton, Alberta (the "Transaction") to Rohit Communities Inc.
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. The Corporation will continue to complete its remaining construction and maintenance obligations and 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.
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”).
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.