On April 11, 2014, 3 Eau Claire Developments Inc. filed a Notice of Intention to Make a Proposal (“NOI”) under Section 50.4(1) of the Bankruptcy and Insolvency Act.
A NOI is a procedure under the Bankruptcy and Insolvency Act that allows financially troubled corporations the opportunity to restructure their affairs.
Deloitte will be acting as trustee under the proposal.
The list of creditors is found here, with a total claim amount of $37,801,796.83.
According to Ian Meredith, a senior market analyst at Atlus Group, 242 units had been pre-sold.
You can read more on the Deloitte website here.
About 3 Eau Claire
The two towers of 3 Eau Claire were to reach 48 & 42 stories high connected by a 40th level Sky Bridge. It would be the tallest residence in Alberta. Commercial offices were to be occupied by Shaw.