A water plant abandoned in Cobourg, Ontario.
For over 10 years, the business had been operating quite successfully. Oprah Winfrey, Four Season Hotels and Air Canada used to be their clients. In 2017, a new group of investors took it over. Unfortunately, they have failed to maintain the good condition of the company. The equipment has stopped working. Warehouses are left vacant. No one is paying taxes or utility bills.
To avoid losing the water extraction permit and stop the foreclosure by the government, the director is attempting to work with creditors (e.g. the local government & utility companies) to force the sale of assets (land, property, ) so that they could pay off all the obligations while ensuring its business continuity.
The property (and land) was appraised at $500K prior to 2017 (when it was still in active operations). The water resource value was valued at $2MM. Investors may resell it at $1.5MM once the factory restores its operations.
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