MARAD to repossess ferries

MOBILE, Ala. - The U.S. Maritime Administration plans to repossess and sell a pair of fast ferries built at Austal USA for Hawaii Superferry Inc., which owes $136.8 million to the agency. MARAD guaranteed the loans used to buy the ferries. The ferries are now docked at Atlantic Marine in Mobile. MARAD needs approval from bankruptcy court in Delaware. Hawaii Superferry Inc. filed for Chapter 11 reorganization May 30. (Source: Mobile Press-Register, 06/24/09)