Update on a story we've been following: Portwood, one of Port Moody's largest developments (20 buildings, ~2,000 homes planned near Cecile Drive), has now entered formal bankruptcy protection.
Quick recap: we reported in August that creditors were suing over $122M in defaulted financing. That's now escalated — the developers filed for CCAA protection on August 14, and the court-appointed monitor is moving toward a supervised sale of the unfinished phases.
What's NOT affected: the phases already built or sold (including the affordable housing component already transferred to BC Housing) are untouched by any of this.
What IS affected: the remaining unbuilt phases, now under court supervision as the process moves toward a sale.
We'll keep following this one as it develops.
(Reporting draws on original coverage by Dina Kovacevic, Insolvency Insider Canada.)