SAVE THE DATES

Marine Log

June 5, 2006

Davie saved--again

The trustees for Canada's bankrupt Davie shipyard in Levis, Quebec, have accepted an offer from a group headed by Teco Management AS for the purchase of the Davie assets.

Trustee Patrice Van Houtte said closing of this transaction should be completed at the end of the month.

Back on February 27, the trustees had said that they had accepted offer from Montreal-based afloat and voyage repair specialist Navamar. That deal apparently hit problems and a bankruptcy sale of Davie's assets had been set for June 12--17.

Now, apparently, the deal has been renegotiated. Navimar is still among the purchasers, but Norway's Teco is the lead player.

MORE NEWS STORIES