Receiver Obtains Court Approval for Sale of Mount Baldy Ski Resort
Vancouver, B.C., June 27, 2016 – G. Powroznik Group Inc., of G-Force Group, was appointed Receiver-Manager of Mount Baldy Ski Resort Corporation and related companies (“Receiver”) by the Supreme Court of British Columbia on December 19, 2014. The Receiver’s primary objective was to find a qualified buyer who would be able to acquire the Mount Baldy assets and operate the Mount Baldy Ski Resort.
The Receiver is pleased to announce that today the Supreme Court approved the sale of Mount Baldy’s assets to 1063205 B.C. Ltd., who will do business as “Baldy Mountain Resort” to reflect the four-season nature of its new operations. Joey O’Brien, an experienced resort operator, will be its Managing Director.
The Receiver has been working with the Purchaser since early January 2016. It teamed up with Mr. O’Brien who was one of the first to respond to the public call for buyers for Mount Baldy in July 2014 and has actively worked with the Receiver over the past year to attract a suitable investor.
The Purchaser completed a Benefits Agreement with the Osoyoos Indian Band (“OIB”) in May 2016, which was one of the key steps in the acquisition process. Also in May, the Receiver submitted an application to the British Columbia Mountain Resorts Branch (“Resorts Branch”), seeking its approval to assign the Mount Baldy Master Development Agreement (“MDA”) to the Purchaser. Resorts Branch approval of the assignment of the MDA was received on June 23rd, and was the last major condition for the Purchaser to meet prior to the Court hearing the application for approval of the sale.
Earlier, the Receiver was required to apply to the Court to retrieve some of Mount Baldy’s assets from Baldy Capital Corporation and Mr. Fred Johnston who operated the Resort during the 2014-15 season. On May 4th, the Receiver obtained a Consent Order which led to the return of most of the assets except a computer containing all of the prior years’ season pass holder information which is still being sought.
“We are very pleased to have found a purchaser with the financial and operational capability to restart the ski operation and lay a solid foundation for a sustainable Resort for the community,” said Gary Powroznik, Managing Director of G-Force Group. “A lot of hard work and support has been received in preserving the potential going-concern gem in Mount Baldy and attracting the Purchaser including from the OIB, Resorts Branch, local residents and organizations, Mount Baldy skiers and former owners and employees, particularly the former manager Matt Koenig.”
Baldy Mountain Resort plans to complete the purchase as quickly as possible so it can immediately start pre-season activities to ready the Resort well before the 2016-17 ski season. “I’m absolutely thrilled to be part of this project and can’t wait to help Baldy Mountain Resort achieve its potential,” said Joey O’Brien.
Mount Baldy Ski Resort is located in the south Okanagan Valley of British Columbia just north of the Canada-US border and east of nearby Osoyoos and Oliver. At nearly 5,700 feet, the resort boasts one of the highest base elevations, the most sunshine and the lightest powder of any ski resort in the Okanagan.
For more information on the receivership go to: https://www.g-forcegroup.ca/mount-baldy-ski-resort/
G-Force Group www.g-forcegroup.ca draws on its extensive experience in restructuring, insolvency, performance improvement, corporate finance and several industries to assist stakeholders in enhancing or recovering their investments and loans from businesses, real estate and construction projects in a variety of industries including real estate development, hospitality, leisure, and other industries in British Columbia and Alberta.
Further information is available from Gary Powroznik, Telephone: (778) 371-0008, Email: gpowroznik@g-forcegroup.ca
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