SM International Holdings Ltd., the owner of the Station Mall, Sault Ste. Marie’s largest shopping centre, was placed into receivership on January 22 on application by Algoma Central Properties Inc., the former owner of the mall.

In March 2022, the company agreed to buy the mall from Algoma — which built the property in the 1970s and owned it for decades — for $30 million, $18 million of which was to be funded through a vendor takeback mortgage. The company never repaid the mortgage.

B. Riley Farber is the receiver.

Counsel is Pallett Valo for Algoma and Chaitons for the company.