The STC is one asset away from winding down for good

The Saskatchewan Transportation Company (STC) will no longer be considered a Crown corporation by March 31, according to a government notice.

The last bus drove away from the Regina station in May 2017, but the company’s life was extended on paper until all of its assets were sold off.

So far, Crown Investments Corporation (CIC) Minister Joe Hargrave said, the province has brought in $26.7 million by selling STC’s buses, buildings and other assets — a higher number than initially projected.

“We’re pleased with the value that we did receive,” he said.

The final asset to sell is the Regina maintenance garage, which is valued at roughly $2 million according to the last quarterly report. Hargrave anticipates it will be sold by the end of the month.

“We do have a pending deal on that and we’re optimistic that that’ll finalize very soon,” he said.

Should the garage not be sold by March 31, Hargrave noted it then will be absorbed by the CIC, the government’s holding company for its Crowns.

The province decided to wind down STC in its 2017-18 austerity budget, leaving 224 people out of work.

Hargrave added much of the province’s financial losses since then have been in worker severance payments.

Though the government cites $17 million in yearly cost savings as a result of shuttering STC, former passengers and supporters of the 73-year-old bus service argue the closure does a disservice to rural people and those with mobility issues.