Trustee for Quebec-based Davie Shipyard says it has accepted purchase offer
MONTREAL (CP) _ The Davie shipyard near Quebec City is expected to be sold to the Quebec-based ship repair company, Navamar.
The trustee for the bankrupt shipyard announced Friday it has accepted Navamar's purchase offer, considered the most suitable offer of the five companies interested in purchasing it.
Few details have been released about the offer.
But Navamar will go over the shipyard's books before taking it over and company president Pierre Boisclair said that process should be finished before the end of March.
Boisclair said he has plans for the shipyard, which first opened in 1825, and has been bankrupt since 2001.
` ` I'm a seafaring man,'' he said. ` ` I don't want it dismantled.''
Navamar has other investment partners, some from outside Quebec, involved in the purchase offer.
A total of five businesses placed offers to buy the Davie shipyard.
In order to have their bids considered, potential investors had to agree to meet the shipyards' existing financial commitments, which includes $3 million US owed to Samir Financial.
The historic shipyard was bought in 1995 by Dominion Bridge.
The Davie shipyard has built a variety of vessels over the years ranging from war ships to oil tankers.
At its height, the shipyard had 3,000 workers but only about 30 remain, finishing up a contract.