The bankruptcy of the Clarion Resort Pinewood Park earlier this month left 113 unsecured creditors in its wake, including the City of North Bay which was owed over $138,000.
Court records show that those unsecured creditors were owed a total of $383,444.
See the complete list here.
Unsecured creditors are businesses that extended credit without collateral security. If the debtor files for bankruptcy the unsecured creditors are paid on a pro-rata basis only after the claims of all secured creditors are satisfied.
There are seven secured creditors including the Toronto Dominion Bank, the primary lender.
City Chief Financial Officer Margaret Karpenko told BayToday that she cannot comment on a specific account, but did say that in cases of bankruptcy all taxes remain with the land and typically if taxes are not paid within three years they are registered in arrears and the land is put up for tax sale.
Grant Thornton is the receiver in this case and the statement under the Bankruptcy and Insolvency Act was filed August 17th.
The facility was sold to Toronto investors on August 19th. They were not available for comment.
See: Clarion Resort Pinewood Park sold. Facelift coming
The company's assets were listed at $3,995,812 according to the statement.
Among the larger unsecured creditors are:
- Tourism North Bay $3,055
- Blacktop at $9,451
- Price Advertising at $7,867
- DBS Sports at $9,763
- Choice Hotels Canada at $51,331
- Choice Hotels International at $14,087
- City of North Bay at $138,250
