OIG Issues Audit of Title XI Loan Guarantee Program

Wednesday, April 02, 2003
The Department of Transportation Office of Inspector General (OIG) issued its Report on the Audit of the Title XI Loan Guarantee Program The audit examined whether proper procedures were followed and the impact of recent bankruptcies. As of December 2002, the Title XI portfolio totaled approximately $4.3 billion in executed loan guarantees and loan guarantee commitments. The report discussed the impact of the American Classic Voyages Co. (AMCV) bankruptcy ($1.3 billion in loan guarantees) and potential problems with loan guarantees to companies that are subsidiaries of Enron Corporation ($122 million in loan guarantees). The OIG recommends that the Maritime Administration undertake more effective oversight of the loan application and review process (including a risk analysis and external review); more vigorous financial oversight of borrowers during the term of the loan guarantee; better monitoring and protection of vessels and shipyards while under the loan guarantee; and more effective stewardship of foreclosed assets.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Long Beach Port Celebrates Environmental Successes

Shipping lines, environmental organizations, trucking companies, terminal operators and a railroad were honored today, July 29, by Long Beach Mayor Dr. Robert

Korean Registry Okays Transas ECDIS

Transas, one of the world's leading providers of integrated navigation solutions, received ECDIS type-approval from the Korean Registry (Korea Marine Equipment Research Institute),

Rolls-Royce Takes Davies on Board

Rolls-Royce today announces the appointment of Alan Davies as a Non-Executive Director. He will join the Board with effect from 1 November 2015 and will become

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1952 sec (5 req/sec)