Buyer in negotiations for idle wind tower manufacturing plant in Trenton
Plant placed into receivership last February after the province called a $32-million loan
Court-appointed receivers for the idle wind tower manufacturing plant in Trenton, N.S., are negotiating with a potential buyer.
In a letter to municipal officials, Nova Scotia Business Minister Mark Furey said two bids to restart the plant were received and one was conditionally accepted pending successful negotiations.
Furey called the development a positive step.
"It could result in a sale if conditions are met, the necessary agreements are in place and the court gives approval. It is, however, too soon to speculate," he said.
"We will let the receivership process unfold as it should. That means we're not able to share any further details about the bids at this point as it could jeopardize the process going forward."
2 previous bids rejected
The province did not identify the bidder.
DSME Trenton Ltd., also known as DSTN, received $56 million in loans and grants from the previous NDP government.
The plant was placed into receivership last February after the province called a $32-million loan.
The receiver, PricewaterhouseCoopers, rejected two previous bids.
Buyer must meet with union
The receiver will negotiate with the potential buyer to ensure all conditions are met within a reasonable period of time to bring about a successful sale as approved by the court, David Boyd, a vice-president with PricewaterhouseCoopers, said Thursday.
"So, the receiver, once we've determined that all of the conditions have been met by not only the proposed purchaser but by the receiver, that we would take this matter to court and seek court approval of a sale," Boyd said.
The site is unionized, so the proposed buyer will have to meet with the union as one of the conditions.
With files from Paul Withers and Sherri Borden Colley