Canadian province floats $5M to Nova Star
Nova Scotia has floated a $5 million advance to Nova Star Cruises, the recently opened Portland-to-Nova Scotia ferry service, as the company seeks a line of credit for that amount.
The Bangor Daily News reported the ferry service has received $19 million so far of the $21 million in loans the Canadian has committed to distributed over a seven-year period.
Dennis Bailey, Nova Star’s spokesman, told the newspaper he wasn’t sure when the ferry service would acquire the $5 million line of credit. Gov. Paul LePage has previously said the state would help Nova Star in securing the financing.
Nova Star had its grand opening in mid-May, right before the ferry service announced fare cuts for some passengers and children under 18 in order to boost interest.
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