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ACOA monitoring Kento developments


Kento Ltd. has an active file with the Atlantic Canada Opportunities Agency (ACOA) worth $500,000.

Acan Windows facility in Paradise. — Photo by Keith Gosse/The Telegram

It’s a repayable loan through the Business Development Program, a spokeswoman said.

The spokeswoman said ACOA is in contact with the client and is closely following the developments involving Kento Ltd.

There are no active files related to Acan Windows and Doors, which has shut down.

Acan, in Paradise, was bought by Kento about a year ago.

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Acan Windows shuts down

 

Kento not bankrupt, says trustee

A spokeswoman for the provincial Department of Business, Tourism, Culture and Rural Development, said Kento Ltd. was given loan in 2008 in the amount of $225,000. The outstanding balance is $159,000 and the account is in good standing, the spokeswoman said.

The Telegram and other media reported Thursday that Kento Ltd.  has filed a notice of intention document with the Superintendent of Bankruptcy Canada, Kento Ltd. lists $10.9 million in total liabilities and assets of zero. The document was filed Monday.

Ian Penney, the trustee for Janes and Noseworthy Ltd., told The Telegram Thursday that Kento is not bankrupt and has filed a notice of intention to file a proposal with creditors for a restructuring plan. The major secured lenders are all supporting the proposal, Penney said.

He said while Acan in Paradise has shuttered, Kento operations in Springdale and Conception Bay South will continue. Warranties will be honoured as well, Penney said.

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