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    Davie shipyard secures further funding from Investissement Quebec

    Yard News // December 8, 2008

    Davie Yards in Canada has announced that it has amended its loan agreement with Investissement Quebec pursuant to which Investissement Quebec has agreed to provide Davie with an additional CDN$2.7 million for an aggregate of CDN$12.7 million loan.

    The other terms of the loan have not been amended and, as previously announced on November 6th 2008 the loan has a term of 48 months, bears interest at a rate of 9 per cent per annum and is secured against certain claims and accounts receivable of Davie.

    "We are encouraged by the continued support from Investissment Quebec and the Quebec Government through their PAFE programme, as we work to towards securing our long-term stability," said Steinar Kulen, Davie's CEO.

     

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