Romspen’s largest borrower now owes $499-million and his most valuable asset filed for CCAA
Romspen Investment Corp. is acquiring Woodbine Mall from its largest borrower, Issa El-Hinn, after the borrower's debt reached $499 million. The mall's financial troubles have led to a court-approved protection plan under the Companies’ Creditors Arrangement Act. This acquisition may complicate Romspen's cash flow, as the company has frozen investor redemptions since late 2022 due to ongoing loan defaults.
- ▪Romspen's largest borrower, Issa El-Hinn, defaulted on multiple loans, leading to a debt increase from $333 million to $499 million.
- ▪The receiver sought CCAA protection for Woodbine Mall after failed property auctions, and an Ontario judge approved the plan in April 2026.
- ▪Romspen has frozen investor redemptions since November 2022 due to struggles with loan repayment and has formed an investor advisory committee.
Opening excerpt (first ~120 words) tap to expand
Open this photo in gallery:The entrance to the Woodbine Mall in Etobicoke. Romspen Investment Corp. is buying the troubled mall from its largest borrower.Azad Amin/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountRomspen Investment Corp. is buying a troubled mall from its largest borrower after the loan total swelled to $499-million and the likelihood of repayment dwindled after two failed property auctions.Romspen, one of Canada’s largest private mortgage lenders, has been battling commercial real estate investor and businessman Issa El-Hinn, also known as Chris Hinn, for years after he defaulted on multiple loans.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
Discussion
0 commentsMore from The Globe and Mail
