One of Alberta's largest homebuilders lost its battle to restructure its debt Thursday and fell into receivership after the Royal Bank of Canada sought to collect more than $64.6 million. An Edmonton judge granted a consent order that will allow a receiver — Alvarez & Marsal Canada — to take control of the assets of several companies associated with ReidBuilt Homes, including ReidBuilt Homes Calgary, and Builder's Direct Supply. The judge also granted an order that will allow the receiver to complete pending home sales and finish construction of houses. Last month, Postmedia reported the company was attempting to sell its Calgary division, and had stopped construction on dozens of houses. The company grew rapidly, at one point building more than 500 homes a year while branching out across Western Canada and the United States.

Source: CBC News November 03, 2017 00:11 UTC