Insolvent Davie’s Assets Surface in Canadian Contract Bid
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Three shipyards have submitted bids for a C$35 billion ($37 billion) contract to build ships for the Canadian Navy and Coast Guard, including one that plans to use the assets of insolvent Davie Yards Inc.
Upper Lakes Group Inc., a Toronto-based shipyard operator, is joining with Seoul-based Daewoo Shipbuilding and Marine Engineering Co. Ltd. and Montreal-based engineering firm SNC-Lavalin Group Inc. to bid on the contract. The companies filed their bid after Upper Lakes received court approval to acquire Davie’s assets, a Levis, Quebec-based shipyard that has been in bankruptcy protection since last year.