Assignment Agreement

Arirang Age-Friendly Community Centre (AAFCC) is pleased to announce that its status as the assigned purchaser of the Rose of Sharon Korean Long-Term Care Home is finalized.  

 

On April 1, 2021, Deloitte Restructuring Inc. (the Court-appointed Receiver of Rose of Sharon) provided its consent to the assignment by RYKKA Care Centres LP to AAFCC of its right to purchase the Rose of Sharon LTC facility.  The assignment from RYKKA to AAFCC is final and binding. 

 

AAFCC will continue moving forward to complete the transaction with the Receiver, including applying to the Ministry of Long-Term Care for approval of the licence transfer to operate the Rose of Sharon LTC facility. 

 

Arirang and the Korean community are very excited that with the Receiver’s consent to the assignment, the application process for approval of the license transfer from the Ministry of Long-Term Care can now commence.