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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.

“The city of Quincy is eager to get its investment out,” Quincy Mayor James A. Sheets tells GlobeSt.com. “From the outset we have supported a plan that benefits secured investors. If the MHI plan benefits them the most, we’ll go with that. But if someone else comes along with a better plan, we’ll support that.” The city has invested about $7.5 million in the shipyard plan.

Former shipyard owner, Sotirios G. Emmanouil, whose firm has invested nearly five years in the $100-million project, heads MHI.

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