A New York construction company, owned by a Ballinskelligs family, looks set to exit examinership.
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.
As a result, the company filed for Chapter 11 bankruptcy – which allows businesses to restructure their debt, similar to examinership in this country.
Following mediation, Navillus agreed to a settlement with the labour unions.
The company will file an amended plan to emerge from Chapter 11 under CEO and founder, Donal O’Sullivan who’s originally from Ballinskelligs.
Navillus says that it hasn’t lost a single contract during the process.
Its current projects in New York include the construction of a 58 storey tower that will be the tallest building in Midtown Manhattan and the building of a 2.1 million square feet, 1,000 feet high property in Manhattan West that will have 67 floors.