Business Journal: More Details On CC Myers Debt
One of the best-known contractors in Northern California is facing hundreds of millions of dollars in debt.
Sunday, September 14, 2008
Contractor C.C. Myers has fixed massive problems to the state’s busiest freeways, rebuilding bridges and roads and earning national acclaim for his work. But a high-end residential development has forced Myers to file for personal bankruptcy protection, listing debts of at least $109 million — and as much as $309 million because of potential liability for construction projects. His assets total $45 million, and include a $13.5 million stake in his namesake company, a $10 million Lake Tahoe vacation home and a $5 million Fair Oaks residence. Now, it’s uncertain what will happen to C.C. Myers Inc. -- Myers owns 45 percent and employees control the other 55 percent. Myers filed for bankruptcy to block two banks from going after his personal assets. The banks loaned a total of $51 million to Myers for his Winchester Country Club development near Meadow Vista, but a declining economy and slow sales created his financial problem.