World Marine buys Signal International assets

Flags in the logo are not the only similarities with Signal International Flags in the logo are not the only similarities with Signal International

JANUARY 14, 2016 — World Marine LLC has bought the assets of shipbuilder Signal International, after the U.S. Bankruptcy Court for the District of Delaware gave its go ahead for the sale last September.

The Teachers' Retirement System of Alabama and the Employees' Retirement System of Alabama were the "stalking horse bidder" in the bankruptcy auction and it is understood that they are the owners of World Marine.

World Marine is using the same multi-flag  logo as Signal International. That's not all that's similar. Dick Marler, Signal's president and chief executive officer, is now heading up World Marine.

One thing that is different: the Signal International's Orange, TX, shipyard was sold last year with the consent of the court and is now owned by Westport Orange Shipyard, LLC, whose president is Anand Ramamurthy

Want more? Subscribe now!

News from NASDAQ