After a week in court is seeing a few changes but will remain in creditor protection until June.

During a B.C. Supreme Court hearing John Parkinson was appointed the interim chief executive officer of League Financial Partners, the group behind ColwoodB次元官网网址檚 Capital City Centre project.

The $1 billion development project at Goldstream Avenue and Sooke Road was marketed as the largest development on Vancouver Island. The ground broke on the project in 2012 and shoring and other ground work was completed. Now the development is at a standstill.

Between struggles with gaining financing for the Colwood project and one in Duncan along with challenges creating two public companies last year, League felt filing for CCAA was the only option, said Adam Gant, League group CEO, in a previous interview with the B次元官网网址 Gazette.

The court approved the appointment and an extension to the CompaniesB次元官网网址� Creditors Arrangement Act B次元官网网址� to facilitate compromises and arrangements between companies and their creditors.

League filed on Oct. 18 and court last week extended the proceeding to June 28, 2014.

IGW Public Limited Partnership, a member of the League Group, was also approved to sell all its units in TSX-listed Partners Real Estate Investment Trust (REIT), to McCowan and Associates Ltd., a private company. Capital City Centre is not a part of this sale.

The sale is estimated to be worth more than $27 million with the proceeds to be used to pay off some of LeagueB次元官网网址檚 debt.

B次元官网网址淭he extension and the sale represents a step forward in the League GroupB次元官网网址檚 progression through the CCAA process,B次元官网网址� said Parkinson in a press release. B次元官网网址淲e are impressed with McCowan and Associates and believe their involvement will play a significant role in the future of Partners REIT.B次元官网网址�