3 Eau Claire Project Making Proposal to Creditors

The developers of two connected downtown highrise towers have filed notice of their intent to make a proposal to dozens of creditors who claim they’re owed almost $38 million on the project that was to include residential condos and the new offices of Shaw Communications.

The insolvent company, 3 Eau Claire Developments Inc., filed the notice on April 11 and has 30 days to file a proposal with the official receiver or within any further extension of that period that may be granted by the Court of Queen’s Bench of Alberta, said Deloitte Restructuring Inc. in a letter to creditors. Deloitte is acting as official trustee under the proposal. All proceedings against the insolvent have been stayed.

Once a proposal has been filed, a meeting of creditors to consider the proposal will be held within 21 days.

The list of creditors includes Toronto-based ComputerShare Trust Co. of Canada ($20.6 million); Korean Exchange Bank ($8.5 million); Bosa Properties ($2 million) and a numbered Calgary company ($3.4 million).

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