Ottawa Train Yards: Shopping centre exits receivership after owner settles outstanding loan [Video]

Ottawa Train Yards is no longer in receivership proceedings, just weeks after it was placed in receivership over an outstanding $39 million loan by the owner of the property.

Controlex Corporation, the owner of the shopping centre, announced it has “amicably resolved and exited receivership proceedings” as of Friday.

“Controlex is well capitalized and was able to promptly exit a recent brief period of financial receivership caused by an inadvertent missed payment using available cash on hand,” the company said in a statement.

“The company remains fully committed to supporting a strong future for the Train Yards and investing in continuous improvement.”

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Last month, the Ontario Superior Court of Justice appointed Grant Thornton Limited as receiver and manager of the assets of Ottawa Train Yards over an outstanding loan. Court documents on the Grant Thornton …