Hawaii Superferry Wants to Abandon Catamarans

Thursday, June 25, 2009

According to a June 24 report from Honoluluadvertiser.com, Hawaii Superferry has asked to abandon its two high-speed catamarans to creditors because of the significant cost of maintaining the vessels as the company moves through bankruptcy. MARAD, which guaranteed construction loans for the catamarans; Austal USA, the Alabama shipbuilder that built the vessels; and the state of Hawaii, which provided harbor improvements, are secured creditors with mortgage rights. MARAD, which holds first priority on the mortgages and is owed $135.7m, would likely take possession of the catamarans for charter if the bankruptcy court approves Superferry's request. Austal USA, which holds the second mortgage, announced last week that it is writing off the $22.9m it is owed for construction loans. A hearing on Superferry's request is set for July 1.

(Source: honoluluadvertiser.com)

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