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Receiver for DSME Trenton says talks underway with different group

Negotiations to take over control of a former wind tower plant are still ongoing, but with a different group.

David Boyd of receiver Pricewaterhousecoopers said Wednesday that negotiations had started with one interested buyer, but this group failed to move forward with its proposal.

“It failed to meet the terms that were agreed upon so then the receiver started to remarket it to various parties and a variation of that group came back to the table,” he said.

He said negotiations with this group have been ongoing for about six to eight weeks and will continue.

DSME Trenton Ltd. (DSTN) announced in February of last year that it would cease operations at the facility. Following the announcement, the province filed for receivership as the only secured creditor.

The Korean company manufactured wind towers there, with production beginning in 2011. Daewoo Shipbuilding and Marine Engineering closed the Trenton facility as part of organizational restructuring in an attempt to recover from the parent company’s operating losses.

The facility produced railcars as TrentonWorks and for several other owners before closing in 2007. At its peak, that facility employed more than 1,700 skilled workers.

A bid to operate the facility was conditionally accepted by the province in January, and negotiations began as part of the court-appointed receivership process.

At the time of the announcement, then-business minister Mark Furey said no deadline was given with respect to the process.

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