|
|
Complete surety claim consulting services on a troubled heavy/highway contractor on Long Island, New York, involving multiple, defaulted projects including bridge, highway and pipeline construction. Services began with a financial analysis of the business, followed by cost-to-complete estimates and exposure analyses, and evolved to include payment bond claim processing, trust account management, negotiations with the bankruptcy trustee, and reletting of uncompleted contracts.
Cost-to-complete estimating, reletting and completion monitoring on behalf of the surety of a defaulted electric contractor performing a major project for Gallaudet University in Washington, D.C.
Problem loan services for a $100 million contractor and fabricator operating in Virginia, Colorado, Ohio and Texas. Assisted with the development and negotiation of a workout plan involving voluntary restructuring and partial liquidation, to obtain a substantial forbearance and forgiveness agreement, thereby avoiding loan default and bankruptcy.
Financial and accounting assessment for the surety of a distressed, $30 million electrical contractor performing building and transit authority projects on the East Coast. Follow-on work included cost-to-complete estimates, exposure analyses, valuation of project delays, claims/time extensions and reletting of projects.
Surety underwriting evaluation of a financially-distressed $80 million general contractor, which included both financial and management assessments. With our endorsement and close monthly monitoring, the surety continued bonding. As a result, the contractor successfully survived the cash crisis and recapitalized the business without a surety loss.
Surety exposure and accounting analyses, cost-to-complete estimating and completion oversight on an insolvent excavation contractor with a $17 million work program involving levee & dike projects and excavation & sitework at an Air Force base and at a federal prison.
Surety and claims assessments on various defaulted contracts of a bankrupt mechanical contractor in the New York City area, involving university, hospital and water treatment plant projects.
Surety underwriting and claims consulting services on two construction contractors in Puerto Rico, one a general builder and one a heavy construction company. Following their insolvency, we have been active in analyzing and resolving all of our client's payment and performance bond obligations, to include the reletting of completion contracts ranging from $2 million to $22 million.
Financial, construction, and claims consulting to assist a surety with all aspects of a $30 million general contractor default in Maryland. Following exposure/reserve assessment, which included accounting and cost-to-complete analyses, we managed project completions, administrative closeouts, collection of receivables, payment bond claims processing, negotiations of time extensions & extras, and the preparation and/or defense of claims on numerous municipal projects to $18 million in size. Projects included schools, a recreation/swim center, a fire station, housing projects, a prison, pump stations and a treatment plant.
BACK TO REPRESENTATIVE ENGAGEMENTS
[To Services] [To Who Are Adkins Clients] [To Adkins Professionals]