Refinancing Of BC Ferries Announced

Tuesday, March 14, 2000
A financial restructuring package for the British Columbia Ferry Corporation and a plan to sell the three PacifiCats has been announced, company officials said. The refinancing package includes: the removal of BC Ferries' debt of $1.1 billion; a permanent, annual subsidy of 1.25 cents per liter from the motor-fuel tax; a decision to write down the PacifiCats by a total of $240 million and to offer the three fast ferries for sale; and plans for the wind-up of Catamaran Ferries International, BC Ferries' wholly owned subsidiary. The plan is the best solution to provide for economic stability for coastal communities, officials said. The government will introduce legislation this session that will pave the way for the debt removal and the financial restructuring of the corporation. The decision to place the three PacifiCats on the market was made after the corporation carefully assessed concerns of customers, residents along the route, tourism groups and the trucking industry. Officials called the fast-ferry project a "failed experiment," and indicated that the company needs to move on.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Pile Testing for Wikinger Wind Farm Launched

In October 2014 the first phase of the pile testing campaign for the Wikinger offshore wind farm project was launched after the site’s geotechnical investigation on the Baltic Sea had been completed.

Damen, Palfinger Upgrade North Sea Jack-Up Rig

With the support of Palfinger systems JUMP technology, Damen Shiprepair Vlissingen has completed an upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea,

Vietnam Warship Visits Underscore Regional Tension

Vietnam on Tuesday showed off its two most powerful warships in the first-ever port call to the Philippines but an official said it was not trying to challenge

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1027 sec (10 req/sec)