Vancouver's Storyeum granted protection from creditors
Last Updated: Tuesday, October 3, 2006 | 7:58 AM PT
CBC News
A troubled Vancouver tourist attraction now has more time to reorganize its finances.
The B.C. Supreme Court on Tuesday granted Storyeum an extension in protection from its creditors until Oct. 28.
Storyeum initially won protection from creditors last August, but had asked the court last week for more time.
Vancouver says it's owed back rent and unpaid loans worth $5 million by Storyeum, a massive attraction in Gastown.
(Richard Lam/Canadian Press)
Storyeum, a combination museum-theatre the size of six hockey rinks, is five storeys below the cobbled streets of Gastown.
"I feel very relieved," said Elwin Xie, one of Storyeum's 70 actors.
Xie, who has worked at the attraction since it opened two years ago, said it hasn't been easy being a Storyeum employee.
"We've been … crossing our fingers and hoping that we would have a positive outcome today, he said.
Vancouver among creditors
Storyeum owes millions of dollars to about 170 creditors, including the City of Vancouver, which claims it is owed more that $5 million in unpaid loans and back rent.
Shelley Fitzpatrick, the city's lawyer, said the monthly rent has been paid only once since the attraction opened two years ago. At a court hearing last week, she called Storyeum a hopeless situation.
The city, which owns the space where the attraction is located, has advised Storyeum's owners that it wants the lease cancelled.
Storyeum president Danny Guillaume said the company has been meeting with potential new investors, and he remains hopeful he can turn things around.
"I think we have to get all the facts on the table and take a reasonable position to say, 'Here's a way out,' " he said.
The attraction still has its share of supporters, including tourism officials who see Storyeum as a key player in a revitalized Gastown.
If Storyeum can't put a deal together, the next step could be bankruptcy.
The complex cost $22 million to build and opened for business in June 2004.
