Investissement Quebec ups Davie Yards loan

Levis, Quebec, shipbuilder Davie Yards Inc. (TSX:DAV) said today that Investissement Quebec has agreed to provide Davie with an additional CDN$2.7 million under a previously announced loan agreement, bringing the total loan amount to CDN$12.7 million loan.

The other terms of the loan have not been amended and, as previously announced on November 6, 2008, the loan has a term of 48 months, bears interest at a rate of 9% 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-program, as we work to towards securing our long-term stability." said Steinar Kulen, the CEO of Davie.