Quest University has paid off its biggest debt.
The court-appointed monitor for the transaction, PricewaterhouseCoopers, or PwC, told The Chief that the school paid about $25.2 million to the Vanchorverve Foundation, an entity managed by Blake Bromley, a founding member of the school.
"This payment was in respect of principal and interest to Dec 18. Vanchorverve also claimed reimbursement of legal costs totalling $826,499 to which they believe they are entitled pursuant to their mortgage security," said Neil Bunker of PwC in an email. "The monitor has not paid any of the legal fees claimed by Vanchorverve as the monitor disputes this amount."
It's a major development in the financial proceedings involving the school, as the court-sanctioned process under the Companies' Creditors Arrangement Act, or CCAA, was started as a response to Vanchorvere calling in its debt last year.
The foundation's desire to claim that money prompted Quest to seek CCAA protection and kickstarted a year-long process of restructuring itself to pay off Vanchorverve and several other creditors.
The fruit of that restructuring process is a deal between Quest and Primacorp Ventures.
Under that agreement, Primacorp is buying the school's land and campus. The university is leasing the facilities back.
