Port of South Louisiana to renegotiate price for Avondale after studies on ‘feasibility’

Avondale Global Gateway. Photo courtesy of T. Parker Host

The Port of South Louisiana will return to the negotiating table over its proposed purchase of the Avondale Global Gateway, a sign that the controversial $445 million price tag for the former shipyard could slip lower based on new financial studies, report NOLA.com.

In a news release Friday, port officials said Avondale’s current owner, T. Parker Host, had agreed to extend a review period until August so that analysts hired by the port could finish their analysis on whether the deal makes financial sense.

The purchase of the former shipyard, which was announced in January, was quickly met with criticism from some politicians and industry officials over the price and lack of transparency. Read the entire story.