Financially troubled Vancouver developer Coromandel Properties is no longer seeking protection under the Companies’ Creditors Arrangement Act (CCAA) after reaching agreements with its lenders.

The company filed for insolvency last month, bringing the future of its partially completed Vancouver housing projects into question. Coromandel has 16 active real estate projects within Vancouver, many in the Cambie Street Corridor near Oakridge.

In the BC Supreme Court Friday, counsel for Coromandel said the company has now had time to discuss its projects with stakeholders and has reached agreements with lenders to the extent that it’s discontinuing CCAA proceedings.

All petitions have been adjourned except for two outstanding foreclosures, which will be dealt with in court later this month. The two items are between Accountable Mortgage Investment Corp. and Coromandel’s Wilmar Project and Nanaimo 22 development.

One of the affected parties was Rely Construction Ltd. a Vancouver-based company whose owner Cong (Ivan) Gu said he was owed nearly $1.2 million by Coromandel for work on the Wilmar Project on Southwest Marine Drive. Gu said Coromandel stopped paying his invoices from May 2022 onward. Coromandel has now partially paid Rely company $300,000.

Coromandel owed a total of about $700 million on its portfolio of projects — which could generate a total of 2,000 housing units.

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