$32.6-Million Title XI Sought For Purchase And Rebuilding Of RO/RO
Acadian Shipping Corp., a subsidiary of Apex Resources — an affiliate of the Berger Group, Lake Success, N.Y.—has applied for a Title XI guarantee to aid in financing the purchase and reconstruction of the 17,525-dwt RO/RO vessel Atlantic Bear. MarAd has conditionally agreed to sell the roll-on/roll-off vessel to Aquila Partners Corp., another Berger Group affiliate. The vessel is owned by Pacific Far East Line, Inc., which went into receivership on August 2, 1978.
MarAd holds a mortgage on the ship.
The agreement to purchase the vessel is conditioned upon Title XI financing for the project. The vessel was built by Sun Shipbuilding Corp., Chester, Pa., in 1970. It will be converted into a car carrier and will operate on the U.S. East Coast.
As provided in the conditional sale agreement, the Title XI guarantee, if approved, would cover 871/; percent of the depreciated actual cost of the vessel plus 871/; percent of the actual cost of the improvements to be made, for a total guarantee of $32,687,000.