FARA acquires Todd Shipyards LLC from Vigor

Written by Nick Blenkey

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Here’s a story that can may mark one of the last we run featuring a once storied name in U.S. shipbuilding: Todd Shipyards.

FARA Pacific Holdings, LLC (“FARA”), a long-term liability management company specializing in the acquisition and management of corporate asbestos and other legacy liabilities yesterday announced that it has acquired from Vigor Industrial LLC, Todd Shipyards LLC (“Todd Shipyards”), a subsidiary that holds all legacy asbestos liabilities and related insurance assets.

At closing, which occurred in first quarter 2025, said FARA, Vigor contributed cash, insurance, and other assets to adequately capitalize Todd Shipyards’ operations. The transaction permanently removes all asbestos related liabilities and obligations from Vigor’s balance sheet. Existing employees, customers and vendors of Vigor will experience no change in their business interactions with Vigor as a result of the divestiture.

At closing, FARA, through its subsidiary, Shipyard Industries LLC, assumed the ownership of Todd Shipyards, including the administration of all the asbestos claims.