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A Saskatoon-based property management company that is part of a creditor protection proceeding involving millions of dollars in unpaid debts cut almost 20 per cent of its workforce in the province this month.

Block 1 Management Ltd., which runs 15 apartment complexes in Saskatoon and Regina, laid off 10 employees as part of its effort to reduce costs during the Companies’ Creditor Arrangement Act proceedings, according to its court-appointed monitor.

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“Those layoffs were part of a rationalization of the operations that needed to occur to correct the cost structure of Block 1,” said Neil Bunker, senior vice president at PricewaterhouseCoopers Inc., which is supervising the creditor protection proceedings.

Block 1, which employed 54 people in Saskatoon and Regina before the layoffs, is part of a group of 45 closely-related companies that were granted creditor protection on Dec. 16 after telling a B.C. court it couldn’t pay its debts and continue operating.