Developer of Shipyard Putting Together Financial Plan

QUINCY, MA-Massachusetts Heavy Industries has until mid-January to come up with a financial plan that will allow them to resume revitalization of the shipyard here. The company was evicted ten months ago after it defaulted on a loan.

By Naomi Grossman | Updated on December 18, 2000

QUINCY, MA-The U.S. Bankruptcy Court has given Massachusetts Heavy Industries till mid-January to develop a reorganization plan that would allow the development company to resume its revitalization of the shipyard here. The US Maritime Administration evicted the company ten months ago, after it defaulted on a $55-million bank loan guaranteed by the Federal agency. MHI filed for bankruptcy soon after the eviction.

Meanwhile, the Maritime Administration, which is currently in control of the property, is reviewing proposals submitted by developers interested in the shipyard.

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