Maritime Steel and Foundries has been put into receivership, more than 100 years after the New Glasgow, N.S., foundry was established. Maritime Steel and Foundries has been put into receivership, more than 100 years after the New Glasgow, N.S., foundry was established. (CBC)

A foundry that has operated for more than a century in New Glasgow, N.S., has been put into receivership.

Maritime Steel and Foundries, which employs 50 people at the foundry, owes more than $17 million to its parent company, Cameron Corp. Ltd.

Spokesman Carl Holm said company owner R.B. Cameron Jr. doesn't want to see the subsidiary close.

"But it doesn't make any sense for him to carry on putting money into it just to keep it going," Holm said.

Holm said three companies have expressed interest in buying the plant and they will tour the foundry early in 2011.

The foundry also owes more than $2.6 million combined to the province and Nova Scotia Business Inc., the province's lending arm.

Holm said he expects the province will recover that money.