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Toronto Condo Builder Urbancorp Files for Debt Restructuring

  • Urbancorp also plans to sell assets to pay down debt
  • Developer has more than 1,000 homes under construction

Urbancorp, one of Canada’s largest residential developers, has filed for a restructuring that includes selling off assets as the company seeks to dig itself out of debt.

The company has filed for the restructuring under the Bankruptcy and Insolvency Act and is seeking court approval to sell assets "to maximize real estate values for the benefit of creditors and other stakeholders," the Toronto-based firm said in statement Friday.