Davie Yards Continues Restructuring Process

Tuesday, November 02, 2010

Davie Yards announced today that it has obtained an order from the Québec Superior Court extending the stay of proceedings ordered by the Court to January 21, 2011, the whole pursuant to the companies' Creditors Arrangement Act (CCAA). The extension will allow Davie to continue to discuss with potential industrial investors, to pursue its efforts to qualify for the National Shipbuilding Procurement Strategy (NSPS), and to develop and eventually submit a plan of arrangement to its creditors under CCAA.

Since the previous court hearing in September, Davie has received formal expressions of interest from two potential investors in addition to having ongoing discussions with others. Davie has also been shortlisted in the qualification process to become one of the two dedicated yards for building large ships in the NSPS. Davie will go through a benchmarking and capability assessment in the next few weeks related to this qualification process.

The court also granted Davie an extension of the exemption to hold a shareholders' meeting until March 31, 2011.
 

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

Shipbuilding

Aker Evaluating Future of US Shipyard, ASC

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto

MAN Propulsion Packages for New Icelandic Trawlers

MAN Diesel and Turbo inform that Icelandic owners, HB Grandi, Vinnslustodin hf. and Hradfrystihusid Gunnvör, have ordered newbuildings based on two different ship

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

Finance

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Aker Evaluating Future of US Shipyard, ASC

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto

300th Tug Brokered by Marcon Int'l

Marcon International, Inc. of Coupeville, Washington reported the sale of the U.S. flag, twin screw tug “Pacific Patriot” (ex-Pacific King) from Kirby Marine Offshore to U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction 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: 0.2325 sec (4 req/sec)