TRENTON – An auction has been scheduled to sell assets at the former DSME Trenton Ltd. manufacturing facility in Trenton.
Corporate Assets Inc. president and owner Ryan Haas said the auction of items in separate lots will take place over two days on November 14 and 15. Prospective buyers will have an opportunity to inspect the assets on November 12 and 13 or view them on the Corporate Assets Inc. web site.
“There is a very big mix of equipment of high quality and light usage being sold at the auction,” he said.
The court-appointed receiver Price Waterhouse-Coopers has acted on the facility’s since the operation went into receivership in February 2016.
South Korean industrial giant Daewoo Shipbuilding & Marine Engineering Ltd. opened the idle rail car plant in 2011 with the intent of building wind towers there while entering into an agreement with the provincial government at the time.
The receivership process came six years after the previous NDP government committed up to $59.4 million in 2010 to the wind tower operation. The commitment included a 49 per cent stake in the operation, while Daewoo held the remaining 51 per cent.
Haas said it will take several months after the items are sold for his company to exit the facility. The procedure includes its arrangement with the receiver to acquire and sell the assets and share the proceeds with the province and other creditors.
“It depends on how many buyers we have,” he said. “It will take the better part of several months to complete.”
He explained that some of the items are so large that they need to be dismantled before shipment.
“Some items will attract local interest,” he said, while allowing that many of the items will end up elsewhere.
The receiver transferred ownership of the Trenton property to Nova Scotia Lands Inc. in September and began the process of auctioning the equipment.
Corporate Assets Inc. is based in Toronto and is considered the largest operation of its kinds in Canada. Haas said it conducts between 80 and 90 such auctions a year.