Assumption of debt so nothing to worry about, right?
BusinessWireWalton Big Lake Development L.P. (the "Partnership"), and its general partner, Walton Big Lake Development Corporation (the "General Partner" and, together with the Partnership, "Walton Big Lake"), announced today that Walton Big Lake has entered into an asset purchase and sale agreement (the "Purchase Agreement") with Anthem Properties Group Ltd. ("Anthem") pursuant to which Walton Big Lake has agreed to transfer to Anthem all of the lands, contracts and other assets (collectively, the "Property") which are associated with Walton Big Lake's ongoing development project named "Hawks Ridge at Big Lake" (the "Project"). The Property comprises all or substantially all of the assets of Walton Big Lake. In consideration for the transfer of the Property, Anthem has agreed to assume all of the indebtedness outstanding from Walton Big Lake to MCAN Mortgage Corporation, Concentra and Canadian Western Bank, as the senior lender syndicate, and Kingsett Capital as the mezzanine lender. As a result of the transactions described above (the "Transaction"), Walton Big Lake advises that no payments will be made to unsecured creditors or equityholders of Walton Big Lake. Transaction costs incurred by Walton Big Lake in relation to the Transaction will be satisfied by Walton Global Investments Ltd. Closing of the Transaction is subject to completion of customary closing conditions.