FINANCIAL ASSISTANCE ANNOUNCED FOR PORK PLANT RESTRUCTURING

The Government of Saskatchewan announced a substantial financial commitment to the restructuring of Moose Jaw's troubled pork processing company today.

Agriculture and Food Minister Mark Wartman said the money is contingent on Worldwide Pork gaining approval of its plans to bring the company out of bankruptcy protection.

Wartman said once a plan is in place, the province will provide up to $1.5 million toward the start-up costs associated with bringing the plant back into production. Further details about the nature of the assistance package would be made publicly available at that time.

"The Province of Saskatchewan has said from the day that Worldwide Pork closed its doors that it would support the reopening of the plant," Wartman said. "But we have also cautioned that any reopening must be based on a sound business plan led by the private sector."

Wartman noted that the company still has several hurdles to overcome – the government's assistance does not guarantee that the plant will reopen.

"Today's announcement of assistance is targeted at implementing a restructuring plan," Wartman said. "Worldwide Pork is still responsible for bringing a plan forward and securing the necessary approvals for implementation to begin."

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For More Information, Contact:

Scott Brown Agriculture and Food Regina Phone: (306) 787-4031