Owner of Olympic Village project goes into receivership
Via: The Vancouver Sun
VANCOUVER — The long and troubled history of the Vancouver Olympic village took another severe turn Wednesday when Millennium Water, the owners of the village, entered into receivership.
Under a deal worked out between the city of Vancouver and Millennium Water, Ernst & Young Inc. was appointed as the receiver for the company. The firm will assume control of Millennium Southeast False Creek Properties and the Millennium Water development, the city said in a news advisory.
The action came as the city grew increasingly concerned about the company's prospects to repay nearly $750 million in taxpayer-provided construction loans, amid a stalled agreement over how to market the 480 remaining units in Southeast False Creek.
The city had warned Millennium's owners, the Malek brothers, that it would force the company into receivership unless they agreed to certain terms. The city had a date with B.C. Supreme Court Wednesday afternoon but the Malek brothers agreed to the terms shortly before court was to sit.
