StateView Homes Denies Bankruptcy
[Vaughan, ON] – This past March, StateView Homes learned of issues in relation to matters being handled by its chief financial officer. Upon the discovery, the chief financial officer was promptly relieved of his position with StateView Homes.
As the situation is currently unfolding, StateView Homes has been unable to comment until now. The investigation into these issues is ongoing and StateView Homes is working closely with affected parties to address it. This has led to rumours and speculation around the solvency of the organization. At this time, StateView Homes is not declaring bankruptcy.
Over the past few weeks, while the investigation has been underway, StateView has faced significant disruptions in its treasury functions at its current financial institution, which has unfortunately resulted in StateView’s liquidity being constrained. While StateView is facing short-term challenges, we want to assure you that we are doing everything in our power to return to normal funding operations. We understand the level of concern from our trades and suppliers and thank them for their patience and understanding as we engage with lenders and stakeholders to find a mutually beneficial solution for all parties.
StateView Homes also understands the concerns of our purchasers. Rest assured, StateView intends to complete all projects currently under construction and is actively working with our partners to move forward with as many projects as possible while also recognizing the position of our lenders.
We take our financial responsibilities very seriously and are deeply disappointed that this situation occurred. We have taken steps to ensure that this does not happen again and are committed to maintaining the trust of our homeowners, trade partners and stakeholders.Dino Taurasi, President of StateView Homes