Taxpayers Stuck With Unsold Ferries as U.S. Floats Ship Loans
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Two passenger ferries sit at a dock in Norfolk, Virginia, waiting for someone to take them off the government’s hands.
The U.S. Maritime Administration has taken bids for them in an attempt to recover some of the $138 million in taxpayer money paid to cover defaults on loans it guaranteed for the owners, Hawaii Superferry Inc. The company sought bankruptcy protection and defaulted in 2009.