Crown Capital to buy Petrowest assets, recoup $25 mln loan
Canadian specialty finance firm Crown Capital Partners has created an affiliate to acquire the civil division of Calgary infrastructure specialist Petrowest Corp (TSX: PRW), whose assets are being sold following an application for receivership in August. The Crown affiliate has also bid to buy Petrowest's rental division. Additionally, Timber Pro Logging Ltd will buy Petrowest's Cutbank transportation division, while Century Services Corp has bid for most of its equipment. Crown said the combined proceeds of deals will likely range between $60 million to $70 million. It expects to recoup its $25 million of loans outstanding to Petrowest from asset sales and other interests.
3 November 2017•3 mins read
