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April 15, 2010

More layoffs at Davie Yards

Levis, Quebec, shipbuilder Davie Yards is laying off more employees.

It said today that it is "taking further steps to preserve its working capital while restructuring its operations and financing under the Companies' Creditors Arrangement Act."

Davie says it will suspend further production activities on board the first vessel to be delivered, starting Monday, April 19, 2010. The action will affect approximately 100 employees -- who Davie says will be laid off temporarily --and will result in monthly cost savings of approximately $1 million,

"Shipbuilding activities will continue in engineering and planning departments with some additional resources," says a company statement. "All efforts will now be concentrated to complete the restructuring process and ensure a smooth resumption of operations."

"We are still confident that Davie is going to resume normal activities", said CEO Gustav Johan Nydal. "Since we sought court protection on February 25, we have worked on new plans to complete the vessels, and we will focus on engineering and planning to optimize our future productivity while preserving our working capital."

Davie says it is having discussions with its clients and stakeholders in order to secure the financing needed to complete its five vessels under contract, It says it has also been approached by potential investors interested in participating in its restructuring.


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