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McDermott board brings on bankruptcy experts

Construction Dive

The move comes ahead of a deadline to receive a rescue financing package and follows the resignation of the company's Chief Financial Officer.

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Construction Company Recovery After A Financial Setback

Contractor Bookkeeping

Your finances are negatively affected, and it's up to you to lead the recovery. Almost all business sectors have experienced declining profits, liquidity that is drying out, and even bankruptcy. Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same.

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Seven Things to Do When an Owner Doesn’t Pay

Constructonomics

Of course we fronted large amounts of money for labor and materials that we were now looking to finance because payment was not being made. I also know that the school district won’t dissolve all of a sudden or declare bankruptcy. We pretty much had every asset in the company thrown into the project so there was nothing left.

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Could Solyndra Happen To Green Building Policy?

Green Building Law Update

The result: two weeks ago, Solyndra announced bankruptcy. In 2007, the Destiny USA project qualified for $238 million in tax-free financing through the Green Bonds program. Since receiving the loan, the price of solar panels has plummeted - good news - which has squeezed the margins of manufacturers like Solyndra.

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Unique Construction Company Financing Secrets Revealed

Contractor Bookkeeping

Getting back to financing strategies for your contracting Company it will help if you understand the banking version of The Construction Specifications Institute. One of the keys to getting a banker, lender or bonding company to consider your construction company for financing is the way your financial statements are presented.

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How High Profit Jobs Send Contractors Into Bankruptcy

Contractor Bookkeeping

The remodel contractor uses a form of "Cost Plus" or "Not To Exceed" to provide the homeowner with scope of work and a contract price the bank needs in order to finance the construction. I spent a few years in residential remodeling and it did not take long to learn that new construction behavior does not work in residential remodeling.

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What were the "Experts" thinking?

PSMJ Resources

Some of these problems are simply a failure of supposedly responsible individuals not following long established and fundamental financing practices. One of the basic rules in financing any purchase is that you match the length of the financing to the usable life of the assets. The simplest example is car financing.

Finance 40