HALIFAX, N.S. - Maritime Steel and Foundries, a century-old New Glasgow, Nova Scotia business, has been forced into receivership.
Parent company Cameron Corporation called in a $17.8-million loan that couldn't be paid.
Carl Holm, a Halifax lawyer representing Cameron Corp., says it didn't make sense to keep pouring in money.
Earlier this week Holm persuaded a Nova Scotia Supreme Court judge to appoint BDO Canada as the receiver for the steel foundry, which started up in 1902.
Maritime Steel is in arrears to Nova Scotia Power which has been threatening to cut off power.
Company officials say other industry players are already expressing interest in acquiring the plant's assets.
At full capacity, Maritime Steel employed as many as 170 people but it has been operating with a crew of 50 to 60 for a few months.
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