2 multimillion-dollar loans to Irving company forgiven by ACOA | CBC News
The federal government has written off the balance of two
multimillion-dollar loans given to Irving-owned Atlantic Wallboard in
Saint John.
multimillion-dollar loans given to Irving-owned Atlantic Wallboard in
Saint John.
The Atlantic Canada Opportunities Agency closed the
file on the two loans in March after deciding that the full amount “has
not been and likely will never be repaid,” according to a memorandum
obtained by CBC News.
The
two loans, called “conditionally repayable contribution agreements,”
were worth a combined $7.4 million. They were made under ACOA’s Saint
John Shipyard Adjustment Initiative.