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MHI Makes a New Attempt at Rebuilding Shipyard

QUINCY, MA-Massachusetts Heavy Industries is back in bankruptcy court claiming it has a new financial plan that will allow it to revive the 180-acre Fore River Shipyard here. The company found a backer who has agreed to raise the $55 million MHI needs.

By Naomi Grossman | Updated on May 10, 2001

QUINCY, MA-After declaring bankruptcy, Massachusetts Heavy Industries is once again trying to renew its bid to rebuild the Fore River Shipyard here. MHI, which is headed by former shipyard owner Sotirios G. Emmanouil, told bankruptcy court that the company was in the process of raising the $55 million it needs to put its renovation plans back in place.

MHI had already invested four years in the $100 million project before the company was evicted this past January by the US Maritime Administration after it defaulted on a $55-million bank loan guaranteed by the Federal agency. Quincy had invested $7.5 million in the plan. MHI filed for bankruptcy soon after the eviction.

The company had 120 days to file a debt plan but once that period lapsed, other companies came forward with proposals for the 180-acre shipyard. The Maritime Administration has reviewed a number of these proposals, including some that involved reconstructing it as a mixed-use complex.

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