Nova Scotia puts up $2M to help ferry company
Nova Scotia’s provincial government will give a Maine-based ferry operator $2 million to help the company meet the U.S. Federal Maritime Commission’s financial requirements that would allow it to start booking reservations aboard the service from Portland to Yarmouth, Nova Scotia.
The Portland Press Herald reported the money will allow Nova Star Cruises to post a bond of $2 million, satisfying a federal requirement that the company prove its ability to refund customers if the service is canceled. That requirement has held up ticket sales of the service set to take its maiden voyage May 1. A Nova Star spokesman told the newspaper the company would apply for an escrow account after opening ticket sales and would return the $2 million bond to Nova Scotia at a later date.
The province has agreed to give the ferry operator $21 million over the course of seven years.
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