According to a report on CanadianBusiness.com, SNC-Lavalin formed a joint venture with prospective new buyers of Davie Yards in order to bid on federal shipbuilding contracts.
Davie has been in creditor protection since February 2010, according to the site, and after negotiations with a potential buyer broke down this week, the company is pressed to quickly find a deal to avert bankruptcy.
If no agreement is reached by July 21, Davie reportedly will not be able to bid for part of federal shipbuilding contracts valued at $35 billion.
(Source: CanadianBusiness.com)