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

Shipbuilding

Partners Tap Standardization to Trim Newbuild Costs

Unfamiliar specifications and processes often result in rework, delays and misunderstandings, and are adding thousands of engineering hours to the design and construction

Damen Opens US Office

Damen Shipyards Group has announced the opening of a new branch office in Houston, Texas. This expansion, under the name of Damen North America, meets the increasing

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

Finance

Partners Tap Standardization to Trim Newbuild Costs

Unfamiliar specifications and processes often result in rework, delays and misunderstandings, and are adding thousands of engineering hours to the design and construction

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

Asia-N.Europe Box Rates Jump 170 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 170 percent to $732 per 20-foot container (TEU) in the week ended on Friday,

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.0850 sec (12 req/sec)