Port of South Louisiana delays $330 million deal to buy former Avondale shipyard

Avondale Global Gateway. Photo courtesy of T. Parker Host

The Port of South Louisiana has delayed its proposed purchase of the former Avondale shipyard after facing tough questions last month from Bond Commission members over the terms of the $330 million deal, reports NOLA.com.

“With the full cooperation of the seller, we believe the delay is warranted to thoroughly consider points raised by the state Bond Commission and to give members time to analyze the modified agreement the port reached with Host in late August,” port CEO Paul Matthews said last week in a news release announcing the delay.

The proposed purchase from port operator T. Parker Host, which was first announced in January, requires more than $400 million bond financing, meaning that the publicly-owned port must seek a vote from the Bond Commission so that it can issue the necessary bonds. Read more.