Davie Shipyard sale cleared by Québec court

Thursday, July 21, 2011

A Québec Superior Court judge has approved the sale of troubled Davie Yards to Ontario-based Upper Lakes Group in a decision handed down today in Québec City.

Davie has been in creditor protection since February 2010 and had been planning a bid for one of two contracts to be handed down as part of the Government of Canada's National Shipbuilding Procurement Strategy (NSPS). This plan had historically been cast into doubt as a condition of the bidding process was that the yards involved be financially solvent.

The deadline to submit bids is 14:00 Eastern Time (19:00 UTC) on July 21. Vancouver-based Vancouver Shipyards, and Halifax-based Irving Shipbuilding are also bidding for the NSPS contracts.