NJ Construction Co. Hits Ch. 11 With More Than $100M In Debt
Law360 (September 12, 2019, 7:13 PM EDT) -- Taking on more clients and underestimating project costs led construction management firm Hollister Construction Services LLC to seek Chapter 11 protection Wednesday in New Jersey bankruptcy court, where the company will request approval Monday for steps aimed at keeping its lights on while it navigates more than $100 million in debt.
Representatives of Hollister are slated to go before U.S. Bankruptcy Judge Michael B. Kaplan in Trenton Monday for his blessing with respect to a series of first-day motions, including the company's bid to finance its case by using secured creditor PNC Bank's cash collateral.
"Without the use of cash collateral,...
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