STALK­ING HORSE SALE AP­PROVED FOR TRUMP TOWER IN TORONTO

National Post (National Edition) - - FINANCIAL POST -

An On­tario court judge on Thurs­day ap­proved the sale of a down­town Toronto ho­tel and con­do­minium high-rise bear­ing U.S. Pres­i­dent Don­ald Trump’s name to the tower’s main debtholder, ac­cord­ing to doc­u­ments posted on the re­ceiver’s web­site. The court-run sale of Trump In­ter­na­tional Ho­tel & Tower had re­ceived no bids apart from a stalk­ing horse of­fer of $298 mil­lion by JCF Cap­i­tal ULC, which bought the $301 mil­lion owed on the tower’s con­struc­tion loan last fall. Trump doesn’t own the ho­tel. The court process only in­di­rectly in­volves the U.S. pres­i­dent, whose sprawl­ing busi­ness em­pire li­censes its brand and man­ages the Toronto prop­erty on be­half of the de­vel­oper, Talon In­ter­na­tional Inc. Rep­re­sen­ta­tives for JCF and Talon could not be im­me­di­ately reached for com­ment. The tower has been be­set by trou­bles since open­ing its doors in 2012.

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