American Petroleum Partners sues MarAd over $340M loan guarantee

(WASHINGTON) — American Petroleum Tankers LLC has sued the Maritime Administration, alleging that MarAd has unlawfully delayed a decision on a loan guarantee, Bloomberg News reported. The company has an application pending for a $340 million loan guarantee, and the lawsuit alleges that the Maritime Administrator David Matsuda told officials that the Solyndra bankruptcy controversy was causing U.S. authorities to scrutinize loan applications more closely. The lawsuit asks a judge to order Matsuda to grant or deny the loan guarantee.


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By Professional Mariner Staff