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Superferry Granted $200 Million Loan

POSTED: 3:00 pm HST October 28, 2005
UPDATED: 3:22 pm HST October 28, 2005

The company trying to launch the Hawaii Superferry in the islands took a huge step toward that goal in Washington on Friday.

Federal maritime officials said Hawaii Superferry officials signed documents with private investors and the federal government Friday closing on $200 million in financing.

The loan has been guaranteed by the U.S. Maritime Administration for the construction of two high-speed catamaran-style ferries that would link Honolulu with Maui and Kauai.

The planned ferry hit a roadblock when environmental groups challenged the project, saying it lacked a proper environmental review.

The project is expected to launch in 2007.


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