Offers in

Receiver for DSME Trenton reports a number of offers have come in for the closed plant

The company handling the sale of DSME Trenton has revealed that it received offers to buy the former wind tower plant, but it won’t say how many parties are interested.

“The number of offers will not be disclosed at this time,” said David Boyd of Pricewaterhouse Coopers Inc., which was appointed as receiver and manager of assets and properties earlier this year.

He said the receiver will evaluate the offers and provide an analysis to the Supreme Court of Canada in late July. The deadline for interested parties to submit a bid was Wednesday.

Boyd said the offers are to buy the facility as a going concern, meaning a buyer would seek to operate a business there.

DSME Trenton was placed in receivership in February when the province recalled a $32-million government loan.

Daewoo, a shipbuilding company from Korea, purchased the former Trenton Works railcar plant in 2010 with a provincial government equity investment, loans and grants totaling $56 million.

The company said it closed the operation because of a lack of orders for wind towers.

The creditors package lists the 40 hectares of land and building valued at $11.7 million, and machinery and equipment worth $10.4 million. According to Pricewaterhouse Coopers, it is the largest industrial metal fabrication facility in Atlantic Canada, capable of manufacturing a wide range of heavy steel products.

It said approximately $32 million was invested in upgrades to the facility and equipment since 2010.

Some staff continues to work at the site to maintain the equipment and facility.

If a suitable buyer can’t be found for the manufacturing plant, the assets will be sold. A simultaneous sales process to liquidate these assets is taking place now, with a deadline of June 30.