Vancouver developer Coromandel no longer seeking creditor protection

Vancouver developer Cormandel Properties said it is no longer seeking protection under the Companies’ Creditors Arrangement Act after reaching agreements with its lenders.

The company said in a Friday statement that all lenders who have filed foreclosure petitions have adjourned their hearings.

According to court filings, all applications for foreclosure have been adjourned generally with the exception of two that will be heard in court on March 20.

Coromandel, which has 16 real estate projects that are mostly in Vancouver, filed for creditor protection on Feb. 6.

It said then it was struggling financially, owed about $700 million on its projects and was seeking breathing room via CCAA proceedings so it could make arrangements with its lenders.