03/19/2014 03:14 EDT | Updated 05/19/2014 05:59 EDT

New Brunswick government says announcement on efforts to sell plane coming

FREDERICTON - New Brunswick's transportation minister says an announcement on efforts to sell the government airplane will be made before the end of the week.

The government committed in its 2013-14 budget to sell the King Air B200 as a cost-cutting measure.

The plane was used by the premier and members of cabinet.

Flying Colours Corp. of Peterborough, Ont., was hired in December as the broker to sell the plane.

Transportation Minister Claude Williams has said the plane is worth about $3.8 million, but Gary Wood, director of sales and marketing for Flying Colours, said in December he expected it would fetch between $2 million and $3 million.