Tag Archives: cash flow problem
Harbour Grace shipyard owners try to assure creditors, customers as workers brace for the worst
The owners of a busy shipyard in Harbour Grace are trying to assure creditors as they scramble to save a big employer in Conception Bay North. Meanwhile, dozens of workers are bracing as their jobs hang in the balance. “I got a mortgage. I got vehicle payments. I got two small children at home. A wife. There’s a lot at stake,” electrician’s helper Jake St. George said this week during his lunch break at Harbour Grace Ocean Enterprises. The shipyard has fallen on hard financial times, and a list of creditors owed nearly $16 million have been demanding their money. So in a bid to salvage the business and restructure the operation in order to avoid bankruptcy, the company was granted temporary protection from its creditors last week by the Supreme Court of Newfoundland and Labrador. >>click to read<< 16:42
Harbour Grace shipyard enters creditor protection as owners face financial headwinds
One of Newfoundland and Labrador’s largest shipyards, Harbour Grace Ocean Enterprises, has been granted court protection from its creditors as it struggles with a serious cash flow problem. The company is nearly $16 million in debt, and creditors have been demanding payment. Last week, the Supreme Court of Newfoundland and Labrador approved an order that temporarily protects the company from its creditors as it looks for a way forward. The court also appointed professional services firm PricewaterhouseCoopers to monitor the company. The shipyard employs 56 full-time employees and is described in court documents as “one of the largest marine vessel, repair, refit and construction businesses in Eastern Canada.” >>click to read<< 13:10
