January 23, 2013 10:00 AM, EST
Va. Port Authority Begins Corporate Restructuring

The Virginia Port Authority passed a resolution to begin a corporate restructuring plan, the Newport News (Va.) Daily Press reported.

The resolution authorizes a vote on a reorganization that would include consolidating some functions at the port with its nonprofit operating arm, Virginia International Terminals, the Daily Press reported.

The vote will take place at the board’s next meeting on March 26.

The restructuring plan could be pushed aside if the port authority board decides to accept one of the two private offers to take over management, the Daily Press reported.

The port previously received bids from APM Terminals as well a group consisting of JPMorgan IIG, Noatum Ports and Maher Terminals, according to local news reports.