Developer Azteca Files for Bankruptcy
A large Sacramento construction company has filed for Chapter 11 bankruptcy in federal court. As Dan Kennedy at the Business Journal reports, many local companies are owed money.
Thursday, December 16, 2004
Azteca Construction in Rancho Cordova had 100 employees at its peak last year, with revenues of $17 million dollars. But signs of trouble arose months ago when the company couldn’t fulfill the insurance and bonding requirements on a City of Sacramento project to improve roads in the Power Inn area. The incomplete job is awaiting a new contractor. Azteca president Rafael Martin couldn’t be reached for comment. The company owes $11 million dollars … including sizeable debt to Western Sierra Bank, Urata & Sons Cement, and the IRS. Chapter 11 bankruptcy involves the court in trying to help a company reorganize and go forward.