Navillus to exit Chapter 11
NEW YORK, Aug. 17, 2018 /PRNewswire/ -- Navillus today announced the resolution of its dispute with unions, allowing the company to proceed with exiting Chapter 11 bankruptcy by early October 2018. Throughout the Chapter 11 process, Navillus, which currently maintains a $750M project workload, has continued work on all its major projects without interruption, and has continued to bid on new work. During the process Navillus has not lost a single contract, has retained its management team, and has grown its leadership ranks.
"We are pleased to put this process behind us and we remain focused on delivering for our clients," said Donal O'Sullivan, Founder and CEO of Navillus Contracting. "Our work has continued uninterrupted throughout the process, and with the court expressing its willingness to vacate its judgment after the appeals court remands the cases, Navillus will be able to continue to contribute to the economic vitality of New York City for years to come."
As a result of today's announcement, Navillus will file an amended plan to emerge from Chapter 11 under the continued leadership of Donal O'Sullivan.
"I am pleased to see that the hard work of all the stakeholders throughout the mediation process resulted in a settlement that is good for the industry," said Frank Sciame, consultant to the Navillus board, founder and current CEO of Sciame Construction and former Chairman of the NY Building Congress. "A premier union contractor will now continue to employ hundreds of union workers that will continue to safely change the New York City skyline."
Founded in 1987, Navillus is a New York City-based construction company specializing in commercial concrete, masonry, tile, stone, and general contracting. With more than 30 years of experience and outstanding capabilities in cost estimation, value engineering, and project management, Navillus has played a leadership role in many of the region's most highly recognized infrastructure and private-sector projects. They have also consistently donated time and resources to communities in need, including assistance with emergency response efforts after Hurricane Irma, Hurricane Sandy and the 2010 earthquake in Haiti.
Navillus is currently working on several major projects in NYC including:
- One Vanderbilt ? Superstructure concrete work for One Vanderbilt Avenue, a 1401-ft.-high, 58-story tower that will stand as the tallest office building in Midtown Manhattan.
- One Manhattan West ? 2,100,000 square feet, 67-floor, 1000-ft.-high commercial property
- Five major New York City Housing Authority restoration projects
- Ongoing public jobs with the Metropolitan Transit Authority, NYC School Construction Authority, and the Triborough Bridge and Tunnel Authority.
Navillus' CEO also reaffirmed his appreciation and respect for the tens of thousands of union workers Navillus has employed throughout its 30-year history.
"We have been the largest union benefit contributor in NYC for decades, and we are extremely grateful to the strong union workforce that has continued to work with Navillus during this time. I look forward to working with all of them going forward as we shape the NYC skyline together," O'Sullivan added. "We would also like to thank our clients, vendors, partners and staff for believing in us and standing by us through the process."
SOURCE Navillus
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