Bankruptcy Is The New Destination of The Hawaii Superferry

June 2, 2009 at 8:38 AM | by kjb | Comments (0)

When we last heard about the Hawaii Superferry, it wasn�t up to much ferrying. Due to potential negative environmental impact, it was ordered to stay at dock until further assessments could be completed. But when you own a huge, expensive boat and it�s not carrying passengers day after day, bad things are bound to happen.

Thus, it was no surprise to learn that the company which runs the ferry filed for bankruptcy protection earlier this week, claiming that because it had to stop operations the money simply dried up. They�ve reported that they have between $50 and $100 million in debts, but only $10 million in assets at most. It doesn�t take someone like Ben Stein to figure out that economic math problem.

The seaweed finally hit the fan when the company couldn�t make an interest payment on one of the ferry construction loans. Of course officials are hoping that someone will come along and invest heavily in the ferry project so that the ship can sail again. However, even if it does ever resume service, it will most likely only be for charter trips—like maybe shipping an entire convention between islands.

For now, the two hulking catamarans continue to hang out in a shipyard in Mobile, Alabama owned by their main investor, far from the blue waters of Hawaii and even further from profits.

Related Stories:
· Hawaii Superferry Files For Bankruptcy [Honolulu Advertiser]
· Hawaii Superferry Is Grounded and Lonely [Jaunted]
· Ferry Travel coverage [Jaunted]

[Photo: hawaii]

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