TAS: Boatbuilder Incat soon to be debt-free
By Libby Sutherland
HOBART, April 29 AAP - Tasmanian shipbuilder Incat Australia is on course to clearits last major debt within days after being freed from receivership earlier this year.
The company, which produces large wave-piercing catamarans equipped to carry passengersand vehicles, was trialling its latest vessel today in preparation for handover to Europeanferry operator Trasmediterranea (Trasmediterranea).
Incat managing director Craig Clifford said the exchange would allow the company torepay a $30 million loan, plus interest, from the state government.
"It's on course to happen this week," he said.
"It's the last major debt we have."
The sale price of the Spain-bound vessel has not been disclosed, but is believed tobe in excess of $60 million.
Incat, once Tasmania's largest private industry employer, was placed in the hands ofreceivers in March last year.
The company's financial woes stemmed from its failure to secure buyers for three vesselsalready built.
Receivers PriceWaterhouseCoopers relinquished control in February after Incat cleareda $70 million debt to the National Australia Bank.
Mr Clifford said the company's 400-strong workforce at Prince of Wales Bay, near Hobart,was now working on its third vessel for the US military, with two already on lease tothe US and operating in the Gulf.
"The military market is a relatively new one for us," he said.
"We have two vessels already in US military hands, with a third to be delivered laterthis year (in July).
"The opportunities for our product have probably never looked so strong."
AAP las/wjf/bwl
KEYWORD: INCAT
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