St. Peters, Mo.-based Ben F. Blanton Construction Inc. has reorganized after electing to file under subchapter V of chapter 11 last year, the St. Louis Business Journal reported. All of the contractor's creditors accepted the plan, and the company has closed on its exit financing, according to company officials. In July, Blanton filed for chapter 11 bankruptcy, listing assets and liabilities of $10 million to $50 million, after an insurer failed to pay Blanton for a "construction related issue and Covid-related matters," officials said. The company at the time was granted a subchapter V bankruptcy, which allowed businesses carrying up to $7.5 million in debt to have an expedited bankruptcy. Previously, the Code limited small businesses to $2.7 million in debt. For Blanton, it meant a faster and less expensive bankruptcy process. Blanton Construction cited $2.5 million in secured debt obligations and $3.4 million in trade debt owed to various vendors, suppliers and others, in addition to reduced revenue due to COVID-19 as reasons for the July filing. The company reported $30 million in 2019 revenue and projected $25 million in revenue for the 2020 fiscal year, according to court documents. Blanton is a 50-year-old construction management, design/build and general contracting company. It does work in the industrial, commercial, retail, education, institutional and senior care markets.
