Failed P.E.I. sawmill had millions in government loans

September 13, 2017

By: The Working Forest Staff

Arsenault Sawmill Ltd. of Richmond, P.E.I., went into receivership almost a year ago owing the P.E.I. government more than $3.7 million.

PricewaterhouseCoopers, the court-appointed receiver, is currently preparing to sell off almost 100 different properties connected to the sawmill company. The receiver has said it doesn’t expect their sale will generate enough revenue to cover the company’s outstanding loans with the province, CBC News reports.

According to PricewaterhouseCoopers, the properties include woodlands, clear-cut areas and some agricultural land, and their combined assessed value for taxation purposes is approximately $1.8 million.

Read the full CBC News story here.

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