The Hamilton Spectator: Hamilton-area landlords who owe $144-million seek bankruptcy protection
Posted February 8, 2024
Situation could be ‘tip of the iceberg’ with more investors expected to seek similar relief
A group of local landlords with hundreds of rental buildings in Ontario owe more than $144 million as they grapple with a “severe liquidity crisis” that has prompted them to seek creditor protection.
Between them, Aruba Butt, Dylan Suitor and Ryan Molony have 11 related corporations drowning in debt and less than $100,000 in cash as they make their bid under the Companies’ Creditors Arrangement Act (CCAA), according to court filings.