Alaska company to recover underwater hardwood in Panama Canal

Sunday, August 19 2007 @ 02:52 PM UTC

Contributed by: Don Winner

ANCHORAGE, Alaska (AP) - Wells Fargo Bank says it's financing an Alaska company that will recover underwater hardwood in the Panama Canal. The $3 million line of credit goes to Gunderboom Inc., an Anchorage marine construction firm. Gunderboom obtained a Panamanian contract in 2006 to provide expertise, technology and equipment for underwater logging. The project aims to recover stumps and logs submerged since the Panama Canal was built in the early 1900s. The company says the recovery project will produce approximately 400 million board feet of lumber while protecting the aquatic ecosystem. The financing is the bank's first for an Alaska company through the federal Export-Import Bank of the United States.

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