Mississippi business leaders say oil spill blow may last years

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Mississippi business leaders say oil spill blow may last years
By Mary Perez | Biloxi Sun Herald
Posted on Wednesday, July 7, 2010

GULFPORT, Miss. — The economic effects of the Gulf oil spill are seeping into businesses across South Mississippi and will be felt for years, professionals told BP on Wednesday.

Clay Wagner, senior vice president at Hancock Bank, said after a hurricane he can see what businesses aren’t coming back and plan for that loss. Wagner said he doesn’t know what to expect from the oil spill.

“Our losses are down the road,” he told the BP representatives who met with the business community during an “Economic Vibe” sponsored by the Mississippi Coast Chamber of Commerce at the Knight Nonprofit Center. When the owners of fishing boats, seafood-processing plants and hotels can no longer pay their loans, Wagner said, they will turn over their properties to the bank, which typically will be sold for less than is owed.

Hancock Bank offices stretch from Texas to Florida — the same area affected by the oil. “Our entire footprint is going to get hurt,” he said.

Bryan Skeen, manager of BP’s Biloxi claims office, said BP is compensating businesses losing revenue from the oil spill so they can make their loan payments, and hiring commercial fishermen for the Vessels of Opportunity program.

[Scuba]

1. Someone on the right just opened their eyes. n/t