A new owner has emerged for the veteran Alaskan ferry Taku after the original bidder pulled out.

The 7,300-gt ship (built 1963) had been sold to KeyMar for $300,000 in September.

But it did not complete its plan to turn it into a waterfront hotel and restaurant in Oregon due to regulatory problems in Portland.

The Juneau Empire reported that officials at the Alaska Department of Transportation and Facilities said the sale was expected to close in early December.