Kearney Construction, one of the oldest, largest and most respected developers in the State of Florida, filed Chapter 11
bankruptcy today. We never intended to make this blog a corporate obituary site, but, unfortunately, we have had to give a fair share of our Internet real estate to discuss these issues of late. In just the last six months, we have seen venerable companies such as Opus, Heidt, GVA Advantis and now Kearney, one after another, file bankruptcy or close their doors. It is not surprising really that this is happening, but all of my professional life, I have known nothing but these industry stalwarts dominating the local development scene. The development and building industry in the Tampa Bay area will eventually emerge from its current morose state, but the landscape will be markedly different when it does.
Source: Tampa Bay Business Journal
Kearny Construction Co., LLC, one of the oldest and largest site developers in the Tampa Bay area, is seeking to reorganize under Chapter 11 of the U.S. Bankruptcy Code.
The company, founded in 1956, estimated its liabilities and assets at $10 million to $50 million in its bankruptcy petition filed Wednesday.
