7 Jun 2010

American Samoa government to argue it's interests in bankruptcy filing by shipyard operator

10:12 am on 7 June 2010

The government in American Samoa is hiring an attorney in

Florida to argue it's interest following the recent filing for

bankruptcy protection by shipyard operator, MYD Samoa.

The government was set to re-take the shipyard on June the 10th, after the lease was terminated with California based Southwest Marine, who sub-lease the facility to MYD Samoa.

However, a government official is quoted by Samoa News saying that the take over of the shipyard is now on hold due to MYD Samoa's bankruptcy protection filing.

The government argues that MYD Samoa does not have a valid

business license in the territory and it is not the holder of the

shipyard lease.