MNP, acting as a court-appointed receiver, has launched a sale and investment- solicitation process (SISP) as insolvent Calgary-based firms Skyview Parking & RV Storage and To Let Housing wind down.

Avison Young will partner in the SISP, co-ordinating the marketing efforts, MNP announced Wednesday. Components for sale include real estate and other assets, along with the insolvent firms’ operations and undertakings

The real estate comprises a 20.11-acre site containing a residential house and two parking offices near the airport at 5005 144th Avenue N.E., a 12-minute drive north from Calgary International Airport The property is zoned industrial-outdoor and is currently used in part for the parking and storage business.

The SISP will also involve a fully operational and profitable airport parking and yard-storage business supported by established clientele, staff and processes. Business assets include three shuttle buses, a truck and related equipment, with the parking business operations currently maintained by the receiver.

According to an MNP court filing, Skyview and To Let Housing’s assets were valued at about $4.3 million and approximately $12.5 million, respectively, as of the September 8 receivership date. To Let Housing’s real estate accounted for about $10.2 million of the $12.5-million total value.

According to MNP, the two insolvent firms’ debts total more than $8.2 million. Domain Mortgage is the most significant secured creditor, with about $7.1 million plus interest and costs owed to it. Three other creditors were owed approximately $1.2 as of the receivership date.

Nathan Drury, a local Avison Young vice-president in Calgary and member of the firm’s capital markets group, is heading the marketing program on behalf of MNP.

All bids must be submitted to MNP by 5 p.m. local time on February 6, the insolvency specialist announced.

Photo: Skyview