INTRODUCTION


Todd Shipyards Corporation ("Todd" or "the Company") was organized in 1916 and has operated a shipyard in Seattle, Washington (the "Shipyard") since incorporation. The Company is incorporated under the laws of the State of Delaware and operates the Shipyard through a wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific"). Todd Pacific has historically been engaged in the repair/overhaul, conversion and construction of commercial and military ships.

Today, Todd is the largest private (or non-Governmental) shipyard in the Pacific Northwest. A substantial amount of its business is repair and maintenance work on...