Donal O'Sullivan, founder and CEO of Navillus
NEW YORK CITY—Navillus was granted approval to exit Chapter 11 bankruptcy protection. The construction company reached a settlement with union benefit funds and trustees in August. This was approved by Judge Sean H. Lane on Thursday. The construction company has agreed to pay $25.7 million in a single payment by the end of the month to the union parties, according to the attorney representing the funds, Thomas Kennedy of Cohen, Weiss & Simon.
In 2014, the union parties filed a lawsuit. Last year in September, the chief judge in the US District Court for the Southern District of New York, Colleen McMahon, found that the company had created non-union “alter ego” companies, ACS, TSC and HDK to avoid union obligations. She ordered Navillus to pay $76 million to the plaintiffs. As a result, Navillus filed for bankruptcy.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
