ASTORIA, Ore. (AP) — The Port of Astoria is in troubled financial waters.
The Daily Astorian reports (http://bit.ly/MI9MPW) a recent audit says the port's situation casts doubt about its ability "to continue as a going concern."
The audit says port operations have lost more than $1 million a year recently.
Port officials say they spent heavily to make repairs that had long been delayed and they've been involved in expensive legal battles.
In the meantime, the economic downturn cut into log exports they had forecast, and other ventures didn't turn out as well as hoped.
A state official expects the port to come up with a plan to repay its debts. The port hopes to renegotiate its debt as it curbs expenses and seeks new revenue.
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Information from: The Daily Astorian, http://www.dailyastorian.com
