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09

Developer Urbancorp Owes Creditors $70.3 Million, Documents Show

By Tony Seruga

Urbancorp, the Canadian residential developer that filed for bankruptcy protection for some of its projects last month, owes its creditors C$91.5 million ($70.3 million), according to its trustee.

Creditors on the eight projects include architects, contractors and financing firms including Terra Firma Capital Corp., according to documents released Monday on its trustee’s website. Urbancorp has filed for restructuring under the Bankruptcy and Insolvency Act and is seeking court approval to sell assets…

Developer Urbancorp Owes Creditors $70.3 Million, Documents Show

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