Maietta Construction files for bankruptcy
Scarborough-based Maietta Construction Inc. has filed for Chapter 11 bankruptcy protection.
In its bankruptcy filing, Maietta reported both assets and liabilities of more than $1 million to $10 million. Among its largest unsecured creditors in Maine are Sabara Property Care Inc. of Cumberland Center, owed more than $67,000; Albert Blackstone Jr. of Pownal, owed more than $48,000; and the Occupational Safety and Health Administration in Augusta, owed $41,000. The family-owned business, which has operated for more than 40 years, cited rising fuel costs and declining sales for its "burdensome debt load," according to a press release. "Although the economy is showing signs of improvement, there is still a lack of profitable projects in the excavation and construction business," the company wrote in the release. The company plans to reduce and restructure its debt and cut its expenses, as well as find additional projects, in order to return to profitability.
According to the company's website, it has worked on a number of projects in the Portland area, including construction at the Portland International Jetport, the Maine Crossing shopping center in South Portland and Falmouth Village. Besides excavation and site clearing, the company also performs road, drainage and sewage construction, and sells gravel, loam and stone aggregate products.
Most Recent
Most Recent
Comments