SUBHEAD: Federal government expects to outbid all at ferry auction. Hannemann plan to revive Superferry sinking fast.
Image above: The former Hawaii Superferry Huakai delivering aid to Haiti. From (http://hmshaiti.com/2010/02/09/former-superferry-delivers-in-haiti).
By Denby Fawcett on 21 August 2010 for KITV 4 News -
(http://www.msnbc.msn.com/id/38804489)
Gubernatorial Candidate Mufi Hannemann (D) has touted reviving the bankrupt Hawaii Superferry as one of the cornerstones of his economic revival plan. Hannemann made the proposal last month when he announced his 10 point plan to stimulate Hawaii's economy. Hannemann said he had talked to a group of private investors eager to revive the inter-island ferry service.
But U.S. Maritime Administrator David Matsuda said Friday the Maritime Administration expects to be the winning bidder when the Superferry vessels are put up for auction. Matsuda said he doubts any private bidder could compete to buy the ships.
The two ferry boats are now docked in Norfolk, Va., awaiting sale at an auction. They are under the oversight of the U.S. Maritime Administration after the Hawaii Superferry filed for bankruptcy in July 2009.
Matsuda said Friday, "The Maritime Administration is planning to bid on the vessels on behalf of the federal government, given the investment we have made, and we expect that to happen any time in next month or so."
The Maritime Administration was left holding the bag for $150 million in loans it guaranteed for the Superferry's construction. Matsuda said the only way for a private investor to buy the Superferry vessels would be to bid more than $150 million.
"I can tell you we already have $150 million lien on both ships. So, you can of course, provide a cash bid higher than that amount and take ownership of both the Alakai and the Huakai," said Matsuda.
Matsuda was in Honolulu Friday for the groundbreaking ceremony for the renovation of the Pier 29 container yard at Honolulu Harbor. The project is funded with federal stimulus money. Matsuda said Maritime Administration wants the Superferry vessels for military and humanitarian projects.
"They are extremely versatile as we saw the military successfully activate them for use in the response to the earthquake in Haiti. We saw what they can do," said Matsunda.
A source who knows the Hawaii investors who want to bring back the Superferry said they were counting on a fire sale, and hoped to pay no more that $40 million for each vessel.
Hannemann Campaign spokeswoman Carolyn Tanaka said Hannemann is aware that others are interested in buying the Superferry, and that he is just waiting for the process to play itself out.
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