Sullivan International Group Files for Chapter 11 Bankruptcy Protection
(firmenpresse) - SAN DIEGO, CA -- (Marketwired) -- 04/07/15 -- Sullivan International Group, Inc. (SIG) announced today that it has filed voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of California ("Court). The Company intends to continue to operate its business in the ordinary course during this time. "We took this action today with the goal of securing Sullivan's future," said Steve Sullivan, SIG Chairman and CEO. "The Company has struggled to overcome the negative financial and operational impacts related to the federal sequestration and government shutdown in 2013 among other factors, resulting in numerous project and contract delays and decrease in new contract awards. Our team has been working tirelessly to implement a successful turnaround. Over the past two years we have significantly reduced operating costs, implemented a growth strategy with an emphasis on commercial environmental and technology products and services. This included a successful acquisition of an east coast commercial oriented environmental engineering firm in 2013, and several commercial environmental contract awards in 2014."
The reorganization will focus on leveraging the Company's past performance on higher margin work, specifically in the commercial environmental and technology markets, while maintaining a solid commitment to the Company's existing federal client base.
Sullivan, based in San Diego, CA, is an award winning provider of environmental services to include, consulting & engineering, environmental technologies, and remediation & construction management to both the private and federal sectors, with approximately 180 employees and satellite offices and operations in 10 states. Sullivan serves numerous federal agencies, including the Environmental Protection Agency, Department of Defense (including the Air Force Center for Engineering & Environment, Naval Facilities Engineering Command, and the Army Corps of Engineers), as well as private sector clients across multiple industries. For additional information, please visit .
Sullivan International Group, Inc.
Dave Prolman
Financial Advisor to Sullivan
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Datum: 07.04.2015 - 19:01 Uhr
Sprache: Deutsch
News-ID 384028
Anzahl Zeichen: 3666
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SAN DIEGO, CA
Kategorie:
Air Pollution Control
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