The Port of South Louisiana said last week that it has completed its due diligence and is in final negotiations with T. Parker Host over its potential purchase of the former Avondale shipyard, reports NOLA.com.
The port also said that it is aiming to seek financing for the deal from the Louisiana State Bond Commission in September if final terms can be reached. Officials did not reveal, however, what price is currently being discussed.
The port initially announced in January its intention to buy the former shipyard for $445 million. However, the price tag for Avondale, once one of the state’s largest employers, drew immediate criticism from some senior industry executives and politicians.
Governor John Bel Edwards expressed concern that he had not been consulted before the deal was announced. Others worried that it was not economically feasible to revive Avondale, which built vessels for the U.S. Navy and other organizations for nearly 100 years, as a solo project in its current form. Read the entire story.
