YOUR COMMUNITY | SPAPER SINCE 1969 | The Mews takes you to the movies Starting in today's issue, the North Shore News will now be publishing local and Vancouver movie listing advertisements from Cineplex-Odeon and Famous Players. You can check the movie ads every Friday in the News Entertainment section for easy access to the latest te.ture films playing at theatres near you. Look for today's stings on paye 314. ee November 21, LY8G News O8S-213 EF Chassitied AN ANNOUNCEMENT today by Prime Minister Brian Mulroney that the $450 million Polar Class 8 icebreaker contract will be awarded to West Coas¢ shipyards would be premature, according to the president of Versatile Pacific NEWS photo Tarry Poters They’re number 1 THE BOYS from West Vancouver's Sentinel Sabres have something to smile about after winning the B.C. High School Boys’ Soccer championship Saturday. The eighth-ranked team in the league beat out the favored Templeton Titans, from Van- couver. More on the win on page 12. Shipyards Ine. Responding to speculation that Mulroney wowd make the an- nouncement during the first minister's conference taking place in Vancouver yesterday and today (Friday), Dasid) Alsop) said) Ver- satile Corp., the shipyard’s parent company, was in the middle of try- ing to resolve its current financial problems. He said an announcement by the prime minister would be more ap- propriate three weeks from now, when moves by Versatile Corp. will effectively make its West Coast shipyards a financially in- dependent entity. “We (Versatile Pacific) don't have a problem per se. But pro- blems have been created for us by the parent company. so. financial arrangements are being made that will insulate us from those pro- blems."" Financial statements released recently by Versatile Corp. reported losses, after extraordinary items, of $42.2 million in the third quarter of 1986, compared with & $4.7 milion Joss in the correspon- ding period of 1Y8S, Nenalle Corp. currenthy has debts of S271 miflian and nrtjor assets thar are difficult ro sell, In 1985, Versatile dost S630 mut- Hom on sales of $634 milhon com- pared with profits of $44 million on $896 millian worth of sales im 1981, On the brighter side. the OLS. Justice Department has now allowed the sale of Versatile’s farm equipment division after initially blocking its proposed $224-million sale to Deere & Co. catlier this veur. Phough Versatile’. North Var- eouser shipvard cnpesed a rece upsurge ino ramse ship repa Alsop says it deeds the Pefar By PIMOTHY R News Avporter contract to aveid massive lay-offs in 1987, He has said the shipyurd’s cur- rent workforce of 550 will be down to 200 by mid-1987 if the icebreaker contract is not awarded to the North Vancouver yard. Alsop believes Versatile Pacific tendered the best bid for coustruc- tion of the Polar 8's) original design, and says the company has the best icebreaker expertise of any Canadian shipyard. Versatile is currently completing its Type 1200 icebreaker contract for the Canadian Coast Guard. The last of the teebreakers is scheduled to be launched fier 3 and fully outfitted and delivered Heat summer, The shipyard currently has no significant shipbatiding contracts after the 1200. Alfaving local fears that the bulk of work on the icebreaker would go to Versatile’s Vietoria yard if the company is awarded the Polar 8 contract, Alsop said: the cam pany has made a commitment to share the work equally between the gompany’s North Vancouver and Victoria vards. Hi has been esuimated) that con- struction of the Polar & would provide 900 jobs over four years and generate $180 million in wages alone Shipbuilding pimps an estimated $125 million into the economs of North Vancouver City cach wear. Traditionally, BoC. has ate- counted fer JO per cent of Canada’s shipbuilding industry. The number of shipbuilding jobs ano the North Shere has dropped stom twafihin $982 to 1,000 todas.