Concrete contractor Navillus has announced a 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 $750 million 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 any contracts, 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 the announcement, Navillus will file an amended plan to emerge from Chapter 11 under
the continued leadership of Donal O’Sullivan.
The company had agreed to mediate a payment plan with creditors following a union dispute that cost Navillus $76 millin oin damages for paying lip service to union rules
Frank Sciame, the founder and CEO of Sciame Construction whoe served as a consultant to Navillus during the mediation, said, “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.
“A premier union contractor will now continue to employ hundreds of union workers that will continue to safely change the New York City skyline.”
Navillus is currently working on several major projects in NYC including SL Green’s One Vanderbilt where it is completing superstructure concrete work for what will be the tallest office building in Midtown Manhattan; Brookfield’s One Manhattan West, a 2.100,000 office tower and; five major New York City Housing Authority restoration projects
According to O’sullivan, “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.