Ferry service seeks financing help from N.S.
The ferry operator scheduled to start service May 1 from Portland to Nova Scotia is seeking help from Nova Scotia’s government to meet financial guarantees required by U.S. authorities before the service begins booking reservations or advertising fares.
The Portland Press Herald reported the service still needs to prove to the Federal Maritime Commission that it has the financial resources to give passengers refunds if the service is canceled. Last month, the commission ordered the company to remove fares from its website because it did not yet have the required certificates, the newspaper reported.
Dennis Bailey, a spokesman for ferry operator Nova Star Cruises, said the company is asking for help from the province of Nova Scotia to meet the financial requirements, either by putting money in an escrow account or buying a surety bond or insurance. The provincial government last year committed $21 million over seven years to the Maine-based consortium STM Quest Inc., operating as Nova Star Cruises, to jump-start the service.
A provincial official told thenewspaper that the province is working with the company and that any financial assistance from the province would not be above the $21 million agreed upon previously.
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