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ACOA writes off balance of two multimillion-dollar loans to Irving company

FREDERICTON - An Irving-owned drywall plant in Saint John, N.B., won’t have to pay back the balance of a pair of multimillion-dollar loans from the federal government.

The two conditionally repayable loans, totalling $7.4 million, were issued in 2011 and 2012 under an Atlantic Canada Opportunity Agency program aimed at offsetting the impact of the closing of the Saint John shipyard.

According to a government memo dated March 27, Atlantic Wallboard fulfilled their obligations under the terms of the agreement although full repayment would likely never be made.

ACOA vice-president Kent Estabrooks recommended closing the file, and agency president Francis McGuire agreed.

As of February 2018, the company had repaid $540,000 of the principal, but it’s unclear if any more was paid, because the final repayment amounts have been redacted from the memo.
Read more on Toronto Star
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