HALIFAX — Nova Scotia’s minister says the cost of removing a giant mooring abandoned at the Bay of Fundy community’s harbor entrance will likely not be covered by deposits left behind by a bankrupt tidal energy company. .
Natural Resources Minister Tory Rushton told reporters today that the $20,000 deposit from Occurrent Power is “not a lot of money” to remove the concrete-filled rail cars used as anchors. said he was concerned it wasn’t enough.
After the company declared bankruptcy on August 29, the vehicle with the chains attached was left in a staging area near Walton, New South Wales.
The state is asking the company to install buoys to mark the four boxcars that will be submerged during high tide, and Rushton promised to eventually remove the buoys.
Transport Canada determined last month that the railcars pose a navigational hazard to boaters because they can be several meters below the water’s surface during high tides in the Channel.
The trustee overseeing the company’s bankruptcy said the state government will pay for the relocation of the rail cars and will then become a creditor in the bankruptcy proceeding.
The company has debts of $35.7 million and assets of approximately $14 million, according to a statement sent to creditors.
A Department of Natural Resources spokesperson said last month that the $20,000 bond was set in 2022 and was deemed sufficient at the time.
This report by The Canadian Press was first published Oct. 17, 2024.
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