Salon has an article on the Superferries, their sale to the Navy and MARAD

“The Title XI program has had a troubled history in recent years specifically related to projects involving Hawaii. In 1999, American Classic Voyages, Co. led by billionaire Sam Zell, launched an ambitious expansion program. American Classic Voyages had operated two old cruise ships in Hawaii and the river boat Delta Queen on the Mississippi. The company acquired a cruise ship from Holland America Lines which it brought under the US flag, with Congressional permission to operate in Hawaii. American Classic Voyages also ordered two new cruise ships from Litton Shipyard for the Hawaiian service and acquired two coastal vessels, all supported by Title XI financing. In a bit more than a year the company collapsed, filing for bankruptcy in October 2001. Taxpayers paid over $310 million in load guarantees in the debacle.”