- change ups
Lamar in Chapter 7 bankruptcy
Lamar Construction of Hudsonville, one of the larger commercial/industrial construction companies in West Michigan, filed for Chapter 7 bankruptcy July 11, indicating in court documents it has more than 200 creditors and debts of $10 million to $50 million, with estimated assets between $10 million and $50 million.
The company has facilities and employees in Colorado and Kentucky as well as Michigan. It had a total of about 280 employees in those three states affected by the shutdown of the company, with about 177 being in Michigan.
Carl Blauwkamp, president/CEO of Lamar, indicated there are no funds expected to be available for unsecured creditors after exempted property is excluded and administrative expenses paid. Blauwkamp and George Holmes are both listed as shareholders and directors of the company in the bankruptcy filing.
Creditors include Chemical Bank, Fifth Third Bank, Eikenhout Inc., Holland Ready Roofing, and others, according to papers filed at the U.S. Bankruptcy Court in Grand Rapids.
A class action complaint was also filed on behalf of employees, alleging they were terminated without the 60-day advance warning required by the federal Worker Adjustment and Retraining Notification Act, or WARN Act.
Lamar was founded in Holland in 1938. Although it was not currently a member of the Associated Builders and Contractors of Michigan, Chris Fisher, president of the ABA of Michigan, said he believes the company was larger “than most construction companies in Michigan.”