A British Columbia judge has given the green light for the sale of assets tied to the ambitious Garibaldi at Squamish ski resort project. The approved initial bid stands at $80 million, serving as a safeguard against undervaluation as the company navigates insolvency. Among the interested parties are Aquilini LP, Garibaldi Resort Management Company Ltd., and an unnamed numbered entity.
The fate of the long-awaited ski resort, which boasts an estimated cost of $3.5 billion and 1,600 acres of skiable terrain, remains uncertain. Despite securing conditional environmental approvals, the project’s progression hinges on unresolved issues, including meeting various government-mandated conditions.
The ski resort, a concept in the making for over two decades, faced financial turmoil intensified by post-pandemic economic strains. Plagued by massive debts, which recent documentation approximates at $73 million, the company sought refuge in receivership. As deadlines for repayment loomed, the sale of assets emerged as a critical measure to alleviate financial pressures and chart a path forward for the embattled project.
