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One of Alberta's largest homebuilders falls into receivership [CBC (Canadian Broadcasting Corporation)]

ROYAL BANK of CANADA (RY)  More Company Research Source: CBC
Last royal bank of canada earnings: 5/24 06:00 am Check Earnings Report
US:NYSE Investor Relations: rbc.com/investorrelations/index.html
PDF One of Alberta's largest homebuilders falls into receivership Royal Bank of Canada sought to collect more than $64.6 million from ReidBuilt Homes 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. Court documents don't show how many homes are affected by the company's financial woes. A lawyer familiar with the case, who spoke on condition of anonymity, said the deposits of homebuyers are protected. A lawyer for the company declined comment. ReidBuilt Worldwide, the parent company, had [Read more]

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