The overbudget Trans Mountain expansion project owes its lenders at least $23 billion and is looking to take on more private debt as the federal government shuts its wallet and construction costs skyrocket.
CBC News has reviewed newly released documents from Trans Mountain and another federal government entity. They show the expansion project is burning through cash and needs to borrow billions of dollars more to finish the work, which the company says was almost 80 per cent complete as of March.
“The business is significantly leveraged with debt,” Trans Mountain’s updated corporate plan says.
That same plan says Trans Mountain will need to borrow more
