Construction on the massive Cimarron project was supposed to start this spring under the Medican Group of Companies, but now there\'s a new owner in town.
Construction on the massive Cimarron project was supposed to start this spring under the Medican Group of Companies, but now there's a new owner in town. In court Wednesday, sale of the land was approved for the Harvest Group Limited Partnership. The spring start time became fluid when Medican entered court protection May 26th, owing millions of dollars to hundreds of creditors. Now Ty Schneider, who is overseeing Medican's restructuring process, says the company is slowly digging out of the financial mess and paying off creditors with the sale of several projects. Schneider says they're going "in the right direction and they're watching the numbers daily, as they proceed with the sales and take them through to the court, getting them approved, and then doing the build outs on them and getting the cash flow starting to come back in". Medican has set September 18th as a marker to have a positive cash flow again. As for Cimarron, Schneider says the development plans will not change because they've already been approved by City Council. The new community could take up to 20 years to complete.