TORONTO: Real estate services firm Avison Young (Canada) Inc says it’s close to a restructuring that will clean up its balance sheet after it defaulted on a senior term loan, causing a ratings downgrade.
Toronto-based Avison Canada missed principal and interest payments in the third and fourth quarters of 2023, S&P Global Ratings said in a statement last Friday, downgrading the firm to “SD” for selective default. S&P’s action was expected, company spokeswoman Andrea Zviedris said by email.
