SOURIS, P.E.I.—A former Prince Edward Island lobster plant that closed more than three years ago will be redeveloped.
The provincial government says it will help Souris Harbour Authority Inc. buy the facility with a $2-million loan from Finance PEI and a $150,000 grant through the Island Community Fund.
The former Ocean Choice International Inc. plant will reopen as a cold storage, bioscience and seafood processing facility by next summer.
The harbour authority is a non-profit corporation that owns, operates and promotes the development of the Port of Souris.
The province announced it reached an out-of-court settlement to recover $1.5 million from a loan given to Ocean Choice.
The provincial government launched a lawsuit in June 2011 in a bid to recover $9.75 million of an unsecured loan that was still outstanding when the plant closed.