Ottawa convention centre, The Shaw Centre, has had to apply to the provincial government for help in scheduling its debt payment on the venue, according to the local media, which allege that not enough events had been booked in to enable repayments on the loan to be made in time.
The convention centre was rebuilt and rebranded as The Shaw Centre with $40m of the $180m cost covered by a loan from the provincial government’s Ontario Financing Authority.
The centre’s management is now working with the ministry of tourism, culture and sport and the Ontario Financing Authority to develop a debt resolution plan in advance of the first repayment scheduled for September 2018, said Shaw Centre’s CEO Nina Kressler.
The venue, which is owned by the province, was constructed on budget and the Ontario government affirmed it had an important role to play in attracting conferences and international events to the capital.
Jeff Costen, a spokesperson for the minister of tourism, culture and sport said: “We’re working with the Ottawa Convention Centre and the Ontario Financing Authority to confirm the agency’s repayment capacity.”