The Port of South Louisiana has again delayed the closing period for its $445 million deal to buy the former Avondale Shipyard site, after hiring three consulting firms to study the price and viability of the purchase, reports NOLA.com.
The deal was announced by the port’s leadership in January, with plans to ask the state Bond Commission in March for approval to borrow money to finance the purchase. The due diligence period to vet the deal was later extended twice, through April. Now the port’s leaders say the vetting period is open ended, as they await the consultants’ reports.
The deal to buy the property, a former shipyard that was once Louisiana’s largest employer, was negotiated directly by Matthews with site owner T. Parker Host Inc. in 2022 and then approved by the port’s board in January. Read the entire story.