Posted at 12:19 p.m., Friday, October 28, 2005
Superferry financing approved
By Mike Leidemann
Advertiser Transportation Writer
The company signed documents with investors and the federal government in Washington, D.C., that will enable it to move forward on the project, said Susan Clark, a spokesman for the federal Maritime Administration.
Included in the documents was a loan guarantee by the federal agency for construction and mortgage financing of two 105-meter, high-speed passenger and vehicle ferries. The loan guarantee of $139.7 million by the federal government was considered a crucial part of the Superferry plans, company officials said.
The first vessel is under construction in Mobile, Ala.