A Vancouver construction company alleges struggling developer Coromandel has left dozens of contractors unpaid on project.
Coromandel CEO Jerry Zhong, also known as Zhen Yu Zong, agreed to remove certain properties from the creditor protection application, but another six properties, including Wilmar, were to remain part of the proceeding.
Rely’s position in the matter “is nuanced, but its bottom line is straightforward,” the filing says. “The infill homes, at a minimum, on the Wilmar Project can be salvaged and it is in the best interests of all parties to to pay out the outstanding contractors, complete the project under the management of the court or a third party , and subsequently sell them at the optimal price.”
While those dollar figures may be relatively small in the context of Coromandel’s $700 million debt, those kinds of outstanding debts can be significant for smaller contractors, said Chris Gardner, president of the Independent Contractors and Businesses of B.C. “I don’t believe this represents a broader trend in the market,” Gardner said. “The industry has proven itself to be very robust.”
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