Westphalia Dev. Corp., CCAA

Westphalia Dev. Corp., an Alberta corporation formed to develop a 310-acre “Westphalia” property located in Prince George's County, Maryland, obtained CCAA protection on January 14.

The company’s objective is to work through a US subsidiary to develop and ultimately sell parcels of the land to residential and commercial builders and end users.

Since its inception in 2012, the company has been managed by Walton Global Investments Ltd. and its predecessor. The company relies on and can only continue to operate with the ongoing financial support of Walton, but has been unable to pay management fees since 2016. Walton has advised it will no longer provide services or funding unless a plan is put in place to address the almost $7.7 million owing to it and its predecessor.

The purpose of the CCAA proceeding is to restructure the company under a CCAA plan. Walton will assume full operational responsibility for taking the project through to completion with the objective of completing the project to maximize recoveries.

FTI is the monitor.

Counsel is Norton Rose Fulbright for the company.