Monday, June 13, 2011
Tobiano in receivership; owes BMO $26.5 million
The Tobiano golf course and residential development west of Kamloops has gone into receivership, less than two weeks after developer Mike Grenier, in an interview with KTW, dismissed rumours of the property being in financial jeopardy. Tobiano, which has not yet completed its long-planned marina and which has just began offering drastically reduced tee-time rates ($65) for local golfers, reportedly owes the Bank of Montreal $26.5 million. The golf course and associated lands are in receivership, though it is expected to be business as usual on the fairways as the issue works its way through the bankruptcy process.
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