Billionaire Allen to restore Cayman reef damaged by yacht

A company founded by billionaire Paul Allen and the Cayman Islands have announced an agreement on a plan to restore a coral reef damaged by his 300-foot yacht in January.

A joint statement Thursday from Allen's Vulcan Inc. and the British territory's Department of the Environment says the work will begin Tuesday. The cost hasn't been disclosed.

The anchor chain from the MV Tatoosh apparently damaged the reef Jan. 14. Allen was not on board at the time. Vulcan said the crew was directed to moor in that area by the Port Authority and moved as soon as they learned of the damage.

The restoration effort was delayed as Vulcan and the Department of the Environment disagreed on the extent of the damage and how to proceed.