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    Davie Yards obtains second extension of CCAA order

    Company News // June 2, 2010

    Davie Yards in Canada has announced that it has obtained an order from the Québec Superior Court extending the stay of proceedings ordered by the Court to September 15, 2010 in accordance with the terms of the written order to be issued by the Court, the whole pursuant to the Companies' Creditors Arrangement Act (CCAA).

    The extension will allow Davie to continue its restructuring efforts, to negotiate with potential investors, and to develop and eventually submit a plan of arrangement to its creditors under CCAA.

    As a preventive measure and in order to comply with statutory requirements, Davie has also sent a notice to the Quebec Minister of Employment and Social Solidarity to inform that the layoffs made earlier this year may exceed a period of six months.

     

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