A New York construction company, owned by a Ballinskelligs family, has received approval to exit bankruptcy.
Navillus Contracting was founded more than 30 years ago by Donal, Leonard and Kevin O’Sullivan.
Last September, Navillus, which is one of New York’s largest construction companies, was hit by a €76 million fine after a court held it had avoided paying union wages and benefit payments.
The company had filed for Chapter 11 bankruptcy, which allows businesses to restructure their debt, similar to examinership in this country.
In recent days, a bankruptcy court judge confirmed the construction company’s plan of reorganization, which includes union parties’ receiving a settlement of €22.3 million.