The local High Court has recently granted approval for the sale of Trincity Mall and its commercial centre, Trincity Commercial Centre Limited. Both properties are owned by Home Construction Limited (HCL) — which is a subsidiary of CL Financial Limited (CLF). Since 2017, CLF has been under liquidation, which is being managed by the international firm, Grant Thornton. Liquidators indicated their intention to prepare the properties for divestment since 2020. The CLF Group had earlier sold HCL’s Valpark and Atlantic Plaza Malls to generate cash flow for the conglomerate. Once the liquidation was announced, the sale of Trincity Mall, and eventually, Long Circular Mall, were inevitable. In its ninth report to the Court, for the period 18th June to 22nd December 2021, the liquidators noted that within that period they received “external stakeholder approval for the sale”. The report noted, “The liquidators sought sanction from the Court with respect to the sale of Trincity Commercial Centre and/or Trincity Mall. The Court granted the order sought.” The liquidators have attended bi-weekly meetings with HCL and they have been provided with draft sales documentation for their review and consideration. “The liquidators are currently in the process of reviewing the sales documents before proceeding to the marketing phase,” the report said. The liquidators also noted that the Pandemic had a material impact on the company and its subsidiaries and affected its ability to achieve its objectives. This is a developing story - refresh this page for updates. [Source: Trinidad Express]
We are a small operation. If you've found our articles to be informative, please consider supporting us via PayPal or buying us a coffee. Your contribution is incredibly appreciated and goes a long way. Simply sharing our articles also helps us. Sign up for our free WhatsApp Alerts to be notified as soon as we post breaking news. NEW! Check out our Merchandise Store for high-quality t-shirts, hats and more!
0 Comments
Leave a Reply. |
AboutYouthere1 is a website focused on providing useful information, breaking news, entertainment and online shopping in Trinidad and Tobago.
AlertsSupportYouTubeContactPrivacyCategories
All
Archives
March 2024
|
© 2024 Youthere1 Enterprises. All Rights Reserved.