NEW YORK, Oct. 10, 2018 /PRNewswire/ -- Navillus today announced that it has received approval to exit Chapter 11 bankruptcy protection from presiding Bankruptcy Court Judge Sean H. Lane who confirmed Navillus' Plan of Reorganization. Navillus will exit bankruptcy with an agreed upon settlement with the union parties.
"Throughout this process our work has continued uninterrupted and we've remained focused on executing New York City's biggest projects for our clients," said Donal O'Sullivan, Founder and CEO of Navillus Contracting. "Navillus today remains strong as ever with an eye on continued growth in our future."
Throughout the Chapter 11 process, Navillus, which maintains a $750M project workload, has not lost a single contract, retained its executive management team and project managers as well as all relationships with vendors, subcontractors and clients. Today's approval comes as a result of an August settlement Navillus brokered to end its dispute with the unions, which vacated the court's original judgement in its entirety.
"Ultimately, Donal and the Navillus team are highly-regarded by the building industry, unions members, project owners, construction managers and surety providers which paved their way for this successful result," said Christopher Wu, a senior managing director of Teneo Capital who serves as financial advisor to the Company. "Navillus can now better focus on growing its core business of building super structures, general contracting work and expanding into more infrastructure related projects."
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 and iconic infrastructure and private-sector projects. They have also consistently donated time and resources to communities in need, including assistance with emergency response efforts after recent hurricane Florence, 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.
C. Nathan Dee and Elizabeth Aboulafia of Cullen and Dykman LLP served as lead debtor's counsel.