Two construction projects set to feature prominently on Manhattan’s skyscraper-studded skyline will continue to rise uninterrupted, after a bankruptcy judge approved a financial lifeline for a key contractor, WSJ Pro Bankruptcy reported. Following a hearing Wednesday at the U.S. Bankruptcy Court in New York, Judge Sean Lane agreed to sign off on a piece of a $135 million financing package meant to keep Navillus Contracting working on some 68 open construction projects. Judge Lane gave Navillus permission to tap $7.5 million of the bankruptcy loan from Liberty Mutual Insurance Co. Navillus will have to return to court Dec. 20 for approval to access any additional financing. The company says it “is ready, willing and able to continue its construction operations,” despite its bankruptcy. In court papers, lawyers for the company said the fresh financing is the “keystone” of its strategy to assure project owners and others that it can complete all of its open construction projects.
