20 May 2011

American Samoa shipyard deal approved

1:36 pm on 20 May 2011

The U.S Bankruptcy Court in South Florida has approved the settlement and sale agreement which hands the shipyard in Pago Pago in American Samoa to the territorial government.

MYD Samoa Inc. is the current operator of the shipyard, and its operations have been under the care of a bankruptcy trustee, who last week asked the court to approve the agreement.

Under the terms of the agreement, MYD Samoa will return the shipyard to the territorial government by May the 31st.

The government is to pay 250,000 US dollars for all equipment, machinery and other assets which used to belong to MYD.