Todd Files for Bankruptcy
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JERSEY CITY, N.J. — Todd Shipyards Corp., the nation’s biggest independent shipbuilder, today filed for protection from its creditors under Chapter 11 of the federal bankruptcy code.
Todd said the bankruptcy petition also applied to its subsidiary, Todd Pacific Shipyards, but not to its Aro Corp. unit, which manufactures air-powered tools and has not been affected by the troubles in the shipping industry. Analysts said Todd owes $160 million to bank lenders and has not been able to secure workers’ compensation insurance beyond Sept. 1.
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