Summary:

WSJ/Associated Press:: WorldCom Inc. has asked a bankruptcy court’s permission to sell a Georgia yacht manufacturing shipyard it took over last year from its former chief executive, Bernard Ebbers. In court filings Wednesday, WorldCom officials said they could realize about $7 million by selling Intermarine Savannah […]

WSJ/Associated Press:: WorldCom Inc. has asked a bankruptcy court’s permission to sell a Georgia yacht manufacturing shipyard it took over last year from its former chief executive, Bernard Ebbers. In court filings Wednesday, WorldCom officials said they could realize about $7 million by selling Intermarine Savannah to Palmer Johnson Savannah, a Georgia-based yacht builder. Mr. Ebbers paid $14.4 million for the shipyard in 1999. Mr. Ebbers turned Intermarine over to WorldCom in November to help repay $408 million in loans from the company. In its filing, WorldCom said it needs to sell the yacht company quickly because that business is losing more than $100,000 per week. The actual sale price of the company, if approved by the court, will be $9.8 million.

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