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June 23, 2008

Big Dig contractor files for bankruptcy protection

BOSTON — Big Dig contractor Modern Continental Co. has filed for bankruptcy protection, the first business day after federal prosecutors charged the company with lying about its work on the massive project.

The contractor made a Chapter 11 filing Monday in federal bankruptcy court in Boston. The bankruptcy petition lists debts of $500 million to $1 billion, and assets of $100 million to $500 million.

The Boston Globe reports Modern Continental’s board voted June 11 to seek protection from creditors.

On Friday, federal prosecutors charged the Big Dig’s biggest contractor with lying about the quality of its work on two areas of the tunnel system. Those include a section where a ceiling collapse killed a woman.

-- The Associated Press

Posted by Brandie Jefferson  at 1:44 PM | Permalink

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