CSE moves for bankruptcy protection

Canadian Shipbuilding & Engineering Ltd. (CSE) has suspended its shipbuilding operations after announcing plans to restructure under the Bankruptcy and Insolvency Act. CSE operates Port Weller Dry Docks and Canal Marine in St. Catharines and Pascol Engineering in Thunder Bay. The company blamed cost overruns related to the development of new processes and associated training.

Maintenance and ship repair operations will continue. CSE holds $80 million in new business awaiting fabrication.