March 22, 2002
Bankruptcy court clears way for sale of Quincy yard
According to the Boston Globe, Judge William C. Hillman in U.S. Bankruptcy Court in Boston this week dismissed a reorganization plan proposed by the owner of the Fore River Shipyard in Quincy,clearing the way for a government sale of the property.
The decision ends the attempts of Massachusetts Heavy Industries to restart the ship-building industry in Quincy.
The property, in Quincy and Braintree, has been valued at around $10 million in the past. The U.S. Maritime Administration, which provided $55 million in loan guarantees to the company, is expected to take the lead on the property's oversight and sale.
