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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

VesselValue.com: $28.4B Worth of Ships Delivered to Date

As the calendar now indicates we have passed the half year mark on 2016, VesselValue.com offers insight on the number and value of all the 2016 built vessels that

Damen Fishery Research Vessel for Angola

The Damen Shipyards Group has received an order for a state-of-the-art, 74 m Fishery Research Vessel from the Angolan Ministry of Fisheries. This special vessel,

India Govt Subsidy for Ship Building Industry

Maritime Agenda 2010-20 has inter-alia set a target to increase percentage share of India to 5% in global ship building and 10% share in global ship repair for India by 2020.

Finance

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

VesselValue.com: $28.4B Worth of Ships Delivered to Date

As the calendar now indicates we have passed the half year mark on 2016, VesselValue.com offers insight on the number and value of all the 2016 built vessels that

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0805 sec (12 req/sec)