on Global Education Communities Corp. (CVE:GEC)
GECC Reports Court Decision on Atmosphere Project Financing Dispute
Global Education Communities Corp. (GECC) has announced a partial legal victory in relation to the Atmosphere project in Richmond, BC. On September 22, 2025, the British Columbia Court of Appeal found the project's commercial lender in breach of contract. This decision partially overturns an earlier ruling by the Supreme Court of British Columbia.
In 2018, GECC's subsidiary GEC Richmond invested in office and residential towers, securing their commitment with a $60 million deposit. The developer, backed by a Toronto-based lender, faced financing issues during the COVID-19 pandemic, causing project delays and financial loss. GECC's appeal has now led to acknowledgment of the lender's contractual breach.
Chairman Toby Chu expressed satisfaction with the court's decision. Further legal updates are anticipated as proceedings continue.
R. E.
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