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April 14, 2008
New Brunswick government takes stake in struggling Royal Oaks Estate and Golf Club
FREDERICTON
The minister of Business New Brunswick says the province had no choice but to take shares in a struggling Moncton golf club.
Greg Byrne said last week the province decided to take a cut of any potential profit in Royal Oaks Estate and Golf Club because there was little hope a government loan would be repaid.
The Liberal government has erased about $4.8 million in debt from the golf club and housing development, dating back to 1998.
In 1999, NMP Golf Construction Inc. of Montreal filed a $1.2-million lien against Royal Oaks to make sure it was paid for its work. The lien was later lifted.
Canadian Press
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