THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, July 26, 1995 TAG: 9507260499
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 32 lines
Marine Hydraulics International Inc., struggling to reorganize its debts in bankruptcy, won a contract from the Navy to repair a small amphibious landing craft. The contract for $524,494 comes at a critical time for the small Norfolk shipyard. It helps keep the yard viable while negotiations to resuscitate it continue. MHI sought Chapter 11 bankruptcy in January. It lost a frigate overhaul contract it had been counting on in February. Eking by on a series of small repair jobs, MHI fired Chief Executive Officer James Hong in June. The company's attorney said he plans to file a reorganization plan in federal court by the end of July. (Staff) Port cargo shipments continue to top 1994
Shipments of cargo through terminals in the port of Hampton Roads continued to surge ahead of last year's record levels. The port is on its way to handling more than 9 million tons of general cargo in 1995 with nearly 4.7 million tons in the first half of the year. That's up 20 percent from 3.9 million tons in the first half of 1994. For its fiscal year ended June 30, the Virginia Port Authority, which owns three terminals in the port, said portwide tonnage was more than 8.7 million tons, a 20 percent increase over its previous fiscal year. (Staff) by CNB