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The indebtedness of PEBI to NSBI was restructured in accordance with the terms established by an Order-in-Council of the Nova Scotia Government passed in June 2002 as well as a loan amending agreement (the "NSBI Loan Amendment") dated October 9, 2003 between NSBI, PEBI and PEI. Such investments will facilitate the previously announced debt restructuring plan approved by NSBI in June 2002. NSBI") in exchange for PEI shares that will be held by NSBI as a result of the debt restructuring plan approved by the Province of Nova Scotia on June 21, 2002. |
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