The bankrupt Memramcook Institute accumulated a debt of $4.5 million and owes money to businesses across southeastern New Brunswick, according to its list of creditors.
The Memramcook Institute operated the heritage building that dates back to the 1800s on behalf of the provincial government. It leased the 165,000-square-foot building at $1 a year.
But the institute could never make ends meet and declared bankruptcy on July 5.
A list of the institute’s creditors shows the largest debt, $2.5 million, is owed to the employees’ pension fund.
Along with the money the employer did not pay into the pension fund, the 80 laid-off employees are owed $80,000 in salaries.
But there is also a long list of other companies and organizations, that are owed money from the institute.
The institute hasn’t paid bills to its plumber, a roofer or the phone company.
Irving Energy is owed $35,000, the Banque Nationale is owed $400,000 and the Caisse populaire owed another $240,000.
The provincial government needs to be paid for a loan of $850,000 plus $185,000 in property taxes.
It is unclear how many of these debts will be paid considering the institute only has $1.5 million in assets.
The trustee is organizing a meeting at the end of the month with the creditors to outline how he plans to divide the assets.
Despite these financial problems, Memramcook Mayor Donald O. LeBlanc said he hopes to see the institute reopen.
LeBlanc said the village has sent out 2,000 letters to all of its residents asking them to come to a meeting at the Monument–Lefebvre on Monday.
"To make sure we do get the institute back moving towards rebuilding and getting it full, which would bring a lot of employment down home," he said.