Almost six months after Waterway Houseboat Vacations ceased operations, its assets are up for sale by the firm managing its receivership. Meanwhile, reimbursement for the dozens of people and companies on a creditor list has not been completed.
The company went into receivership on June 11, 2019, putting 51 people out of work and leaving many people’s planned houseboat vacations cancelled with little warning. Receivership was initiated by CIBC, which Waterway owed $7,969,327 to. With the court-ordered receivership in effect, Alvarez and Marsal Canada, a multi-national consulting firm, took over at Waterway’s Mervyn Road property and published a creditors list breaking down the more than $13 million Waterway owed.
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The District of Sicamous is one of the groups listed on the creditors list. Kelly Bennett, the district’s chief financial officer, said the $83,991 Waterway owed the district for unpaid taxes remains outstanding.
Twin Anchors, Waterway’s former competitor at the opposite end of the Sicamous channel, are facilitating the sale of some of the now defunct company’s houseboat fleet. Thirteen boats are listed for sale by their owners on Twin Anchors’ website. They range in size from 40 to 66 feet and are priced from just over $50,000 to $350,000.
Also up for sale is Waterway’s property, currently listed for $4,495,000. The property description listed on Realtor.ca states the 16.33-acre property is up for sale on a court order and the offering could include all of the site’s operational equipment and company-owned houseboats.
Alvarez and Marsal did not respond to a request for an update on the receivership process.
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jim.elliot@saobserver.net
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