Workers Take Over Big Seattle Shipping Firm
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SEATTLE — One of the West Coast’s largest shipbuilding and tugboat companies emerged from federal bankruptcy protection Tuesday when family ownership was transferred to employees.
Unimar International Inc., formerly WFI Industries, began operations here with its 400 employees holding 73% of the company’s stock under a reorganization orchestrated by Drexel Burnham Lambert Inc.
“We already have some contracts, and we’re working on others,” said Donald Liddle, who resigned as president of the Inlandboatmen’s Union of the Pacific to become chairman and chief executive officer of Unimar.
The company once was one of the state’s largest employers, but a slumping industry and financial problems forced it to for Chapter 11 protection from its creditors two years ago.
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