Parties
Company
Garibaldi at Squamish Limited Partnership
Company
Garibaldi at Squamish Inc.
Company
Ernst & Young
Company
Aquilini Development Limited Partnership
Company
Garibaldi Resort Management Company Ltd.
Company
1413994 B.C. Ltd.
Garibaldi at Squamish Limited Partnership and Garibaldi at Squamish Inc. (GAS), aimed at developing a ski resort in British Columbia, was placed into receivership on December 4, 2023, due to a claim by Aquilini Development Limited Partnership, Garibaldi Resort Management Company Ltd., and 1413994 B.C. Ltd., which were owed about $65 million. Despite efforts to advance the project, such as partnering with the Squamish Nation and securing an Environmental Assessment Certificate, construction had not started, and key conditions of the certificate were unmet. GAS, generating no income, relied solely on external funding, with its directors divided on the project's direction. EY was appointed as the receiver to oversee a sale process. Legal advisors involved were Cassels for Aquilini Development and its partners, MLT Aikins for the receiver, and Dentons for GAS.
Deal Type
OtherIndustry
OtherTransaction
$ 65,000,000Deal Status
ActiveClosing Date