Austin Co. Assets Opened for Bids

Korman, Richard
December 2005
ENR: Engineering News-Record;12/19/2005, Vol. 255 Issue 24, p11
Trade Publication
This article reports that potential buyers can submit bids for the main offices of Austin Co., Cleveland, Ohio-based design-build firm that sought protection from its creditors, till December 16, 2005. AECOM Technology Corp. has arranged to buy the assets for about $2.5 million, but the bankruptcy code says other offers must be invited and, if an offer is competitive, the buyers square off in an auction. Now, Austin Co. has over $40 million owed to unsecured creditors, the biggest being St. Paul Travelers, the firm's surety. Steve Darnell, a principal of FMI Corp., the Raleigh-based financial consultant working for Austin Co., says that the bonded projects are being split off from the proposed asset sale to AECOM.


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