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June 23, 2014

Martinac shipyard faces foreclosure in Tacoma

  • An auction is set for July 18 unless J. M. Martinac Shipbuilding, founded in 1924, finds new business or an angel investor.
    The News Tribune

    TACOMA — At nearly 90 years old, one of Tacoma's last major shipyards may close for good next month.

    J. M. Martinac Shipbuilding Corp. faces a foreclosure auction of its Thea Foss Waterway shipyard July 18 on the County City Building entry plaza unless it finds new business or an angel investor to pay some $415,000 in payments and fees overdue on a $5.4 million loan its owners signed in December 2012.

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