Business Journal: More Details On CC Myers Debt

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(Sacramento, CA)
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.