HEAVY INDUSTRY
From Times Staff and Wire Reports
Steinbrenner’s Ship Firm Declares Bankruptcy: American Ship Building Co. of Tampa, Fla., filed for Chapter 11 bankruptcy protection a week after losing an appeal to keep a $176-million Navy contract to build two oil tankers. The filing in the U.S. Bankruptcy Court for the Middle District of Florida could cause the Tampa Port Authority to default on $16 million in bonds. The company’s acting chairman is George Steinbrenner, majority shareholder of the New York Yankees baseball team. His family started the company more than 100 years ago. According to a proxy statement filed in August, Steinbrenner owns 11% of American Ship’s shares. One of ships is 96% completed, the other 85%.
