Homes warranty company Tarion recently announced it was considering revoking coverage for 17 Urbancorp projects on concerns over its finances and customer service; these issues have been challenged by the developer.
The Globe and Mail reports that Urbancorp has told its Israeli investors that there would be a $15 million loss for the first quarter of 2016.
In a statement regarding the bankruptcy restructuring, Urbancorp’s founder and CEO Alan Saskin said: “This will allow us to reduce debt in an efficient manner while continuing to focus on our core business.”
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Toronto-based developer Urbancorp has filed for bankruptcy restructuring amid crippling debts. The firm said that it hoped a solution could be found to enable it to complete 1,000 homes that it is currently building in the city, which are due to be completed within the next two years.