Quickly losing money, the Atlantic Beef Products plant on Prince Edward Island in Canada may receive some $11 million in federal and provincial funds to keep the company afloat.

Pitching in, according to Canada's CBC News, would be the federal government's Atlantic Canada Opportunities Agency with $5 million and the Novia Scotia, PEI and New Brunswick governments with $2 million apiece. The three provincial agriculture ministers recently held talks aimed at saving the ABP plant, which is the region's only federally inspected beef slaughter facility.

Another product of Canada's bid to boost domestic beef slaughter capacity following the outbreak of bovine spongiform encephalopathy in 2003, the plant began operating in 2004, but has been losing money at a clip of $250,000 a month, though that's an improvement from earlier monthly losses of $500,000, according to local news reports.

By Tom Johnston on 10/29/2007 for Meatingplace.com