Vancouver’s Donnelly Group is preparing to exit creditor protection, principal Jeff Donnelly told BIV today.
The good news with this, he said, is that all of the establishments under the company’s Freehouse Collective umbrella will stay open and more than 500 employees will keep jobs.
A court-approved plan of arrangement and a stay of proceedings against the company is set to expire on July 4.
“The company has to be solvent in order to implement the plan of arrangement,” Donnelly said. “So we’ve done that, and we’re buying back the properties that were managed by Freehouse management as a part of our portfolio.”
Donnelly would not say how much money he spent
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