Mr. Speaker, I have a return to written question asked by Mr. David Ramsay, MLA, Kam Lake, on Tuesday, March 8, 2011, regarding the Opportunities Fund loan to Discovery Air Inc.

I am pleased to inform you that the Discovery Air Inc. (DA) has consented to the release of the following information in response to your questions. The loan is currently up to date, all payments have been made in full, and all covenants have been fulfilled.

1. Would the Minister provide a breakdown of all

payments made by Discovery Air Inc. on its Opportunities Fund loan and the balance owing on the loan as of January 1, 2011?

As of January 1, 2011, the loan balance was $34 million and interest payments made to the Northwest Territories Opportunities Fund (NWTOF) totalled $6.45 million. The $6.45 million was comprised of 23 monthly interest payments, at the rate of 10 percent (calculated semi-annually, not in advance), paid on the first day of each month from March 1, 2009, to January 1, 2011.

2. Would the Minister provide details of any

amendments to the Discovery Air Inc. Opportunities Fund loan agreement since the original loan agreement was entered into?

In regards to amendments made to the loan agreement, I can advise that there have been six amendments made to the loan agreement as of January 1, 2011. Each amendment involved the disposition of a secured asset by DA. The amendments are as follows:

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two fleet assets, marked for replacement, were sold and proceeds used to provide capital for the purchase of comparable assets; the NWTOF then registered security on the purchased assets;

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three fleet assets, marketed as surplus to

business needs, were sold and proceeds used to pay down the debt owed General Electric Canada Equipment Financing G.P.; the debt reductions served to improve the overall security position of NWTOF; and

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one fleet asset, marked as non-operating, was sold and proceeds used to supplement general working capital.

Thank you, Mr. Speaker.