Shipbuilder CSE to Seek Funding

Friday, August 25, 2006
The Star has reported that Canadian Shipbuilding & Engineering Ltd. (CSE) will seek government money, cut labour costs and restructure before resorting to a sales process if necessary, the monitor overseeing its bankruptcy protection said in court documents.

CSE was formed 20 years ago by the merger of the shipbuilding and repair divisions of two of Canada's biggest private shipping companies, Canada Steamship Lines and what is now called Upper Lakes Group Inc. The CSL Group — owned by former Prime Minister Paul Martin until 2003 — sold its remaining interest in Canadian Shipbuilding & Engineering in November. Upper Lakes Group Inc. now owns more than two-thirds of CSE, which had 420 employees when all its operations were running.

Peter Cairns, president of the Shipbuilding Association of Canada, said CSE illustrates the struggles of a Canadian industry that is competing with low wages and government subsidies abroad.

CSE sought bankruptcy protection earlier this month and is asking an Ontario judge to extend it until Oct. 13. It suspended operations at its shipbuilding and repair facility, known as Port Weller Dry Docks, in St. Catharines. CSE also has a division called Canal Marine in St. Catharines and a plant in Thunder Bay. In recent weeks, CSE — which has a history of receiving government funding — has been seeking financing from the federal and Ontario governments, and has been in discussions with Export Development Canada, which is likely to be the shipbuilder's biggest creditor in its restructuring.

Management estimated that CSE would need new funding of about $16 million to finish the rest of the ships. Source: The Star

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Commandant to Address PVA Convention

Commandant of the U.S. Coast Guard Admiral Paul F. Zukunft will attend the PVA Annual Convention at MariTrends 2015 in Long Beach, Calif. and deliver a keynote

Liebherr Expects Turnover Dip

For the 2014 business year, the Liebherr Group is currently anticipating an overall turnover of 8,866 million euros (2013: 8,964 million euros). In the area of construction machines and mining,

Rig Moves: Mobilized for Performance

The operation of an oil field involves moving rigs or jackups in a maneuver referred to as a rig move. These complex operations require experience and the coordination of all stakeholders.

Shipbuilding

Becker Marine Delivers Rudder for Largest Containership

Becker Marine Systems delivers rudder for the largest container ship in the world   At 19,000 TEU, the largest container ship in the world is now picking up speed

GE Gas Turbine Powers Australia’s Largest Warship

GE Marine’s LM2500 aeroderivative marine gas turbine now powers the Royal Australian Navy’s (RAN) recently commissioned HMAS Canberra Landing Helicopter Dock (LHD) ship,

Scorpio Bulkers Modifies and Sells Shipbuilding Contracts

Scorpio Bulkers Inc. announces agreements to modify and sell existing shipbuilding contracts for six capesize vessels    Scorpio Bulkers Inc. has reached agreements

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1792 sec (6 req/sec)