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The Honolulu Advertiser

Posted at 12:19 p.m., Friday, October 28, 2005

Superferry financing approved

By Mike Leidemann
Advertiser Transportation Writer

Hawaii Superferry today officially closed a deal on nearly $200 million in investments, clearing the way for the company to ramp up its efforts to start a regular interisland ferry service in Hawai'i by April 2007.

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.