Calgary-based Walton International Group Inc., one of Alberta’s largest property developers, has sought creditor protection after losing a reported $6.7 million in the past three years.
Ernst & Young has been appointed as the monitor for the credit protection.
This gives Walton time to restructure and resolve its debt problems.
Walton controls about 106,000 acres of land in North America, including 15 land development projects in Alberta and Ontario, and six in the U.S., according to court filings.
The company’s website lists three current Calgary developments – SkyView Ranch, Cornerstone and Point Trotter. Its Edmonton developments include the Pilot Sound Industrial Park, the Stony Industrial Park, the Henday Industrial Park and two residential subdivisions.
According to the documents, the company has been hurt by a number of factors, including the 2008-09 recession in North America and a “substantial and sustained drop in energy prices.”
The court order gives time for Walton International to restructure under the Companies’ Creditors Arrangement Act.
Walton International Group is made up of hundreds of entities incorporated or established in Canada, the U.S. and Germany. Entities in the U.S., Europe and Asia are not part of the current legal proceedings.