Creditors accept ex-Montreal mayor Denis Coderre’s debt-repayment plan

Creditors of former Montreal mayor Denis Coderre have unanimously accepted a proposal for him to pay back less than a quarter of his roughly $1.1-million debt.

During a virtual meeting Monday, creditors greenlighted a plan that will see the ex-mayor and former federal Liberal cabinet minister pay back $240,000 over five years through monthly payments totalling $4,000.

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Documents from the Office of the Superintendent of Bankruptcy show that Coderre, Montreal mayor between 2013-17, filed for bankruptcy protection on Jan. 6.

Representatives from Revenu Québec and the Canada Revenue Agency attended today’s hearing, which lasted a few minutes.

Other creditors include a management consulting firm he controls, three private lenders, and Scotiabank.

In a text message to The Canadian Press, Coderre said he was happy his repayment proposal was accepted unanimously.