VANCOUVER ISLAND, B.C. — Victoria-based Aviawest Resorts Inc. has filed for creditor protection in the Supreme Court of British Columbia to solve its issues through the courts and plans to eventually pay back its creditors commented CEO Jim Pearson.
“We sincerely regret any hardship that individuals and businesses may experience due to these proceedings,” he said. “Over the coming weeks and months, Aviawest will work to emerge from this process in a manner that maximizes the value returned to all stakeholders.”
The court filings indicated that the company owes about $90-million to its creditor, has $88-million in assets [mostly real estate] and has about $2.5-million in cash, equity and “other hard assets.”