Order in Council provides Ridley with up to $8 million to cover cash deficit
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Updated: July 02, 2009 1:40 PM
The Government of Canada is stepping in to assist Ridley Terminals in Prince Rupert with a projected cash shortfall in the form of an Order in Council from the office of the Governor General.
The June 23 Order in Council authorizes the Minister of Transport “to enter into a contribution agreement on behalf of Her Majesty in right of Canada, with Ridley Terminals Inc. to provide financial assistance to Ridley Terminals Inc. for a total amount not to exceed $8,000,000 to cover its cash deficits for the period commencing on July 1, 2009 and terminating on March 31, 2010”.
A representative from the office of the Minister of State for Transport says the order is an immediate stop-gap implemented to address a projected deficit for the company as of March 1. However, it is not a lump sum payment to the company, as Ridley Terminals will have to show their costs to access the funds, and the full $8 million may not be required.
Look for more on this story in the July 8 issue of The Northern View.
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