Apart from the $64.1 million loan grantees to to Atlantic Yarns Inc., Business New Brunswick (BNB) has sanctioned another $3.7 million to the company.
This Northern textile company is in the process of temporary shutdown.
The two companies, Atlantic Yarns in Atholville and Atlantic Fine Yarns in Pokemouche, have already informed about 400 employees that both the plants will be shut down for the time being.
Sarah Ketcheson, spokeswoman for BNB, said that the company has been good corporate citizen in Atholville and Pokemouche.
She also added that the company is facing challenges like any other company due to the global market conditions. Her company will assist the company as it had done in the past also. She said that they wanted to maintain the jobs there.
Atlantic Yarns Inc owned by UK based Sunflag Ltd, has had labour issues in the past after 160 employees of Atlantic Yarns in Atholville walked off the job in 2004 on a nine-day wildcat strike.
The workers, who make up local 208 of the Communications, Energy and Paperworkers Union of Canada, settled their dispute after agreeing to mediation.
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