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Port Moody’s Portwood development enters creditor protection
Four companies tied to Portwood’s later phases have received creditor protection, putting unfinished land up for a court-supervised sale while Umbra construction continues.
Edgar Development’s 23-acre Portwood project in Port Moody has entered formal creditor protection, with unfinished portions of the development headed for a court-supervised sale amid more than $100 million in debt.
On Aug. 14, the B.C. Supreme Court granted protection to four companies associated with Portwood phases 3, 4 and 5. The decision followed an effort by Woodbourne Canada Management Inc.-affiliated companies to place the properties into receivership after two unsuccessful sales attempts. Lenders had alleged the developers defaulted on more than $122 million in senior secured debt after the loan matured in April 2025.
The companies instead pursued proceedings under the Companies’ Creditors Arrangement Act, allowing court-supervised restructuring. Court documents cite the project’s ownership structure: a company holding legal title to land involved in the proceedings also holds title to separately owned Phase 2 land, potentially complicating matters for buyers there if it entered receivership.
PricewaterhouseCoopers was appointed to oversee the affected project portions, manage the properties and prepare them for sale. The court approved up to $500,000 in interim financing. A stalking-horse bid will establish a floor price while allowing other purchasers to submit better offers.
The proceedings apply only to phases 3 through 5. Phase 1 and the 219-home strata Phase 2 project, Umbra, remain outside them. PwC said the court order is intended to allow Umbra construction, including work needed for occupancy permits, to continue. Buyers are to keep dealing with Edgar Development’s existing sales and customer-care teams.
Existing Woodland Park rental townhomes on land planned for later phases are also included. PwC said creditor protection does not cancel tenancy agreements or allow evictions, and tenants are not currently expected to be directly affected. Residents should continue paying rent and dealing with the existing property manager.
Woodbourne and Edgar Development bought the property in 2018, intending to replace aging townhouses with a multi-phase community containing thousands of homes. On Aug. 24, the court approved the sale process and an amended order. PwC is expected to begin seeking buyers immediately.