Vancouver condo developer Coromandel Properties announced the discontinuation of its CCAA (Companies’ Creditors Arrangement Act) proceedings, after reaching a deal with its numerous lenders. The company had $700 million in debt related to the purchase of 16 groups of properties under varying degrees of construction.

The court had appointed Deloitte as a monitor of the proceedings so as to avoid liquidating assets “on a fire sale basis.”

Coromandel, whose chief operating officer is former Vancouver city councillor Raymond Louie, creates separate limited partnership companies for each of its projects. Zhen Yu Zhong is listed as the sole director and officer of each of the general partners and registered owners for each of the projects. Partner companies include: CM Bay Holdings Ltd., Coromandel Resorts Ltd., Coromandel Capital Ltd., Coromandel Properties Ltd., Mulberry Capital Ltd., CM Bay Investments Ltd. and Baystone Properties Ltd.