The Canadian shipyard Davie could be acquired by SNC-Lavalin - Upper Lakes Group

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After the unsuccessful conclusion of negotiations with the group Fincantieri, an Italian marine mechanics, for the Canadian shipyard Davie Yards seems to open up another way to find a solution to its economic crisis and to ensure a continuation of operational activities, which has been suspended with the intent of preserving the financial resources of the company.

Yesterday the U.S. company has announced that it has terminated negotiations with Fincantieri for the possible acquisition of the shipyard as Canada - said the president and CEO of Davie, Johan Gustav Nydal - "the parties have concluded that it is not possible reach an agreement by the deadline of July 21 for submission of bids as part of the national strategy on the supply of shipbuilding (the government plan "Stratégie Nationale d'Approvisionnement en matière de Construction Navale - SNACN" which states that , for the construction of large vessels, the Government will establish a strategic relationship with two sites, one for the construction of military ships and the other for the construction of commercial ships, which will be selected on the basis of a competition at the national, ed). "

Negotiations with Fincantieri and connected with the DRS were initiated at the beginning of spring ( of 1 April andMay 20, 2011). The Quebec Superior Court had then repeatedly suspended the start of the procedure for compensation for the creditors of Davie Yards finally allowing the site to extend the course of these negotiations from July 7 to July 21, given that yesterday was postponed for one day July 22. "Unfortunately - Nydal said - the two-week extension granted by the federal government to submit a valid bid are not sufficient to conclude an agreement with Fincantieri. We tried - said - but the extension is too short. "

A Davie remains only a week to avert the worst. Mist the agreement with Fincantieri, but now it looms another: it was proposed as a possible buyer a consortium formed by Canada's SNC-Lavalin Group by compatriot Upper Lakes (ULG), which operates in the shipbuilding industry through the Upper Lakes Marine & Industrial Inc., the giant marine mechanics and South Korean Daewoo Shipbuilding & Marine Engineering Co. (DSME). With less than a further postponement granted by the court, however, the remaining days to close an agreement are very few.