Maietta Construction emerges from Ch. 11
Scarborough-based Maietta Construction has emerged from Chapter 11 bankruptcy nearly 10 months after it filed.
The U.S. Bankruptcy Court for the District of Maine approved the company's reorganization plan, which "shaves substantial debt from its balance sheet," according to a press release. The company filed for bankruptcy in July 2010, reporting both assets and liabilities of more than $1 million to $10 million. Its reorganization plan includes full payment of allowed creditor claims, with Coastal Realty Capital providing exit financing and working capital. Berkley Insurance is providing bonding to the company and has already issued bonds for current jobs. The company will continue to operate fully and all jobs are preserved, according to the release. "The confirmation of our plan and our emergence from chapter 11 today will enable us to restore the company to its prior position as one of the top excavation and construction contractors in the state, bar none," President Vincent Maietta said in the release.
The company has been in business for 40 years.
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