What can be gleaned from 2018's highest-profile construction bankruptcies?
Construction Dive
JANUARY 16, 2019
Causes of last year's significant bankruptcies varied, and though some were beyond contractors' control, there are lessons to be learned.
McDermott exits Chapter 11 bankruptcy
Construction Dive
JULY 1, 2020
billion of debt and provides the energy contractor's management with 7.5% The reorganization eliminates $4.6 of newly issued equity.
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FIU bridge collapse contractor files for bankruptcy
Construction Dive
MARCH 5, 2019
Magnum Construction Management said that the Chapter 11 filing is not an attempt to shirk responsibilities related to the deadly March 2018 incident.
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How To Protect Your Construction Company From Bankruptcy
Contractor Bookkeeping
APRIL 7, 2023
Learn the top reasons why small businesses end up in bankruptcy and what you can do to prevent that from happening to you. You must have more money coming in than is going out, or you're on the express train to bankruptcy. Poor cash flow Not bringing enough money in is the main reason why businesses fail.
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McDermott requests $105M of executive, staff bonuses
Construction Dive
FEBRUARY 14, 2020
The energy contractor, which filed Chapter 11 in January, has asked a bankruptcy judge for $26.8 million in total incentives for 13 management team members with the rest intended for 1,112 other key employees.
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AGC opposes paid leave provision in House coronavirus bill
Construction Dive
MARCH 17, 2020
If passed in the Senate, the plan could lead to industry layoffs, bankruptcies and delays in the construction of medical and emergency facilities, according to the Associated General Contractors of America.
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Contractor in deadly South Dakota building collapse files for bankruptcy protection
Construction Dive
JULY 24, 2018
Hultgren Construction, the contractor working on the Copper Lounge when it collapsed in December 2016, killing one and entrapping another, has filed for a Chapter 11 case that will divide its assets among its creditors.
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UK Contractor ISG Collapses, Halts All Work
ENR Construction
SEPTEMBER 25, 2024
The construction firm entered the equivalent of bankruptcy Sept. contractor in six years. 20, marking the largest failure of a U.K.
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Bankruptcy hearing will decide McDermott's fate
Construction Dive
MARCH 11, 2020
The future of one of the country's largest energy contractors will be discussed tomorrow in Houston.
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How to Stop Further Deterioration of Distressed Commercial Assets
HardHatChat
OCTOBER 15, 2009
First, align yourself with a general commercial construction contractor familiar with completing distressed commercial properties. So make sure your commercial construction general contractor specializes in the asset class of your distressed holdings. Provide cost estimates to complete the construction project . Bill Di Santo.
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How Liberty Mutual Prepared for Ballenger's Bankruptcy
ENR Construction
DECEMBER 18, 2012
Although one of 2012's biggest contractor defaults and bankruptcies may have surprised some unsecured creditors, Ballenger Construction's surety has been working on the company's problems since the summer.
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Recession recovery spotty among American cities: WalletHub report
BD+C
AUGUST 1, 2014
Since 2008, 13 municipalities have filed for bankruptcy. Architects Building Owner Contractors Designers Engineers Facility Managers'
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Judge approves McDermott reorganization, $2.7B sale of Lummus Technology
Construction Dive
MARCH 11, 2020
The confirmation by Bankruptcy Court Judge David R. ed energy contractor. Jones eliminates more than $4.6 billion of debt for the beleaguer?ed
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Katerra Files for Bankruptcy, Seeks to Reorganize US Operations
ENR Construction
JUNE 7, 2021
Firm, operating as a designer, contractor and supplier, cites a range of factors for its financial trouble.
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New Bankruptcy Signals Emerge for Contractor McDermott International
ENR Construction
DECEMBER 31, 2019
Energy megaproject builder, with past reported losses, is talking to lenders for $2B to operate, and a Chapter 11 filing may be weeks away, reports say.
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California’s RCR Plumbing & Mechanical to be liquidated pursuant to a U.S. Bankruptcy Court order
Contractor Magazine
OCTOBER 23, 2012
is auctioning a wide range of assets on October 30 from plumbing and pipeline contractor RCR Plumbing & Mechanical, which filed for Chapter 11 bankruptcy protection last year. Tiger Group’s Remarketing Services division, in cooperation with Hackman Capital’s Equipment Acquisition Co., read more.
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UPDATE: Contractor McDermott International Files Chapter 11
ENR Construction
JANUARY 21, 2020
Energy megaproject firm bankruptcy includes expected $2.7B sale of its Lummus Technology unit to PE investors and another $2.8B from lenders to fund operations.
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Behind the Navillus Bankruptcy, a Union Contractor's Ties to Nonunion Firms
ENR Construction
DECEMBER 26, 2017
When do links between union and open-shop contractors violate union agreements?
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Judge: China Construction Owes Baha Mar Developer $1.6B
ENR Construction
OCTOBER 24, 2024
New York state judge rules that contractor fraudulently induced developer's bankruptcy over big Florida resort project.
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McDermott Bankruptcy Filing Gets Court OK
ENR Construction
MARCH 18, 2020
How will contractor's restructuring succeed in a changing oil and gas market?
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Auditing Giant KPMG Fined $18M Linked to Carillion Bankruptcy
ENR Construction
MAY 17, 2022
UK levies penalty for firm's misleading regulators into the quality of its financial audit of British contractor before its unexpected collapse under huge debt in 2018.
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How High Profit Jobs Send Contractors Into Bankruptcy
Contractor Bookkeeping
NOVEMBER 3, 2012
A lot of problems can be traced back to the "Halo Effect" which happens when a contractor thinks "We are so good at (fill in the blank) we should expand into (fill in the blank). The same goes with managing sub-contractors and suppliers. Residential Remodel Contractor Building A Home. Every problem has one answer "Brute Force".
Architecture for Humanity closes office, files for bankruptcy
BD+C
JANUARY 19, 2015
After more than 15 years of work, the nonprofit design group Architecture for Humanity has closed its San Francisco office and plans to file for Chapter 7 bankruptcy protection, The New York Times reported. Architects Building Owner Contractors Designers Engineers Facility Managers Building Team' As of Jan.
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$170 million down the drain: Lessons to learn from Quirky’s bankruptcy
Construction Marketing Ideas
OCTOBER 2, 2015
The quirky.com website (scrolling down from the bankruptcy notice at its top.) The bankruptcy notice. This business managed to blow $170 million in venture capital in less than seven years. It had some of the best and brightest minds in the business. Alas the idea didn’t work.
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48 Architecture for Humanity closes office, plans to file for bankruptcy
BD+C
JANUARY 19, 2015
After more than 15 years of work, the nonprofit design group Architecture for Humanity has closed its San Francisco office and plans to file for Chapter 7 bankruptcy protection, The New York Times reported. Architects Building Owner Contractors Designers Engineers Facility Managers Building Team' As of Jan.
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Employee-Owned Contractor C.C. Myers Files for Bankruptcy
ENR Construction
JULY 13, 2016
On June 30, California contractor C.C. filed for Chapter 7 bankruptcy in California Eastern Bankruptcy Court.
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Contractor McDermott Intl. Files Chapter 11 Plan to Cut Debt, Fund Operations
ENR Construction
JANUARY 21, 2020
Energy megaproject firm's bankruptcy includes expected $2.7B sale of its Lummus Technology unit to PE investors and another $2.8B from lenders to operate.
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Contractor McDermott International Files Chapter 11 Plan to Cut Debt, Fund Operations
ENR Construction
JANUARY 21, 2020
Energy megaproject firm's bankruptcy includes expected $2.7B sale of its Lummus Technology unit to PE investors and another $2.8B from lenders to fund operations.
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60 Ten Unique QuickBooks Abuses Are Bankrupting Your Construction Company
Contractor Bookkeeping
DECEMBER 26, 2014
Too often contractors are lead down the primrose path into bankruptcy and business failure by relying on inaccurate, false, misleading financial and job costing reports generated from their QuickBooks file. QuickBooks For Contractors Issued Solved Fast Easy Accounting 206-361-3950.
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58 Serious And Funny Construction Definitions Contractors Enjoy Reading
Contractor Bookkeeping
JULY 27, 2012
Please feel free to share them with your friends, relatives and most importantly contractors as they will appreciate the humor and perhaps find value in the words of wisdom we are sharing. 80/20 Rule – 80% of a contractor’s wealth and wellbeing comes from 20% of their activities.
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U.S. Nuclear Projects Teeter as Contractor Files for Bankruptcy
ENR Construction
MARCH 28, 2017
Westinghouse's bankruptcy filing adds more uncertainty to delayed nuclear expansion projects in Georgia, South Carolina
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Obituary: Oscar C. Boldt, 96, Pushed Family Firm to Top Markets, High Standards
ENR Construction
JUNE 14, 2020
Seven-decade leader, who died June 9, reversed Wisconsin contractor's near bankruptcy, keeping growth steady with attention to clients and community.
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Construction Company Recovery After A Financial Setback
Contractor Bookkeeping
SEPTEMBER 3, 2021
Almost all business sectors have experienced declining profits, liquidity that is drying out, and even bankruptcy. Your finances are negatively affected, and it's up to you to lead the recovery.
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The First Green Building Litigation. The Rest of the Story.
Green Building Law Update
JULY 19, 2015
In January 2007, Southern Builders, the general contractor, commenced a mechanics lien action in the Circuit Court. Million, 23 unit luxury condominium and restaurant project in Crisfield, Maryland, called Captain’s Galley and substantially completed in 2006.
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The First Green Building Litigation. The Rest of the Story.
Green Building Law Update
JULY 19, 2015
In January 2007, Southern Builders, the general contractor, commenced a mechanics lien action in the Circuit Court. Million, 23 unit luxury condominium and restaurant project in Crisfield, Maryland, called Captain’s Galley and substantially completed in 2006.
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Latest Trend, Bookkeeper Works For Contractor That Goes Bankrupt
Contractor Bookkeeping
OCTOBER 18, 2013
There Is A Disturbing Pattern Among Contractors And You Need To Be Aware Of It! No construction company goes bankrupt that had useful accurate Financial Statements and Job Costing Reports that they understood and paid attention to because they would have seen bankruptcy coming well enough ahead of time to avoid it.
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TBM Delivered for New Zealand Rail Project
ENR Construction
OCTOBER 22, 2020
billion project has struggled with a major cost hike and bankruptcy of a leading contractor. Due for completion in 2024, the $2.8-billion
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A Guide To Construction Business Recovery In The Pandemic World
Contractor Bookkeeping
SEPTEMBER 11, 2020
Almost all business sectors have experienced declining profits, liquidity that is drying out, and even bankruptcy. As you well know, the COVID-19 pandemic is not just a public health issue; it's also caused lock-downs and resulting financial worries on a global scale.
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Hang In There Revel Casino, Your Luck May Turn
Constructonomics
JULY 27, 2014
Basically, Revel Casino has 16 with the dealer showing a face card and after their second bankruptcy in less than 18 months, they need to take a hit. Not only because I want it too, but also because the building is awesome and it is a product of some of the most talented architects, engineers, and contractors we have in this country.
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112 Truland Group Units File For Bankruptcy Protection
ENR Construction
JULY 25, 2014
The country''s 10th largest electrical contractor shuts down, files for protection from creditors and strands projects and workers. Business Management'
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Does a Lien Affect Your Credit Score?
Levelset
JULY 5, 2022
Contractors and other businesses in the construction industry can file a mechanics lien if they aren’t paid for their work – even if they weren’t hired directly by the property owner. If a contractor doesn’t follow the rules, their mechanics lien may be invalid. Pay the contractor the money owed. What is a lien?
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New Bankruptcy Signals Emerge for Contractor McDermott
ENR Construction
DECEMBER 31, 2019
Energy megaproject builder, with past reported losses, is talking with lenders for $2B to operate, reports say.
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Chorus Rises Against Outsourcing After Carillion's Collapse
ENR Construction
JANUARY 24, 2018
contractor Carillion PLC was a major government supplier before spiraling debt forced it into bankruptcy on Jan. From brick-and-mortar construction projects to providing school meals, U.K.
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47 Hiring The Wrong Construction Bookkeeper Costs You Three Times More Than Their Annual Salary
Contractor Bookkeeping
JULY 5, 2019
An alarming number of construction company owners are being ripped-off and driven into bankruptcy. Whenever we see a contractor heading towards a problem, an issue, or a big disaster, we immediately raise the alarm. That sounds harsh, but it's true.
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