Bracknell Corp., one of the largest electrical contractors in North America, said its lenders declared it in default of credit agreements and added that its Adesta Communications Inc. unit has filed for bankruptcy.
Bracknell, Minneapolis, with 2000 sales of $632.8 million in electrical work, was the 5th largest electrical contractor in the United States in 2000, according to CEE News magazine's 2001 “Top 50” ranking.
Along with its focus on the electrical construction market, Bracknell also designs, installs, maintains and services long-distance telecommunications systems. The company's total 2000 sales were $843.7 million.
Bracknell said all of its directors and officers had resigned their positions. The officers, while relinquishing their posts, will remain employees, the company said.
Its lenders have declared all amounts outstanding under Bracknell's credit facilities to be due and payable, the company said in a statement. The lenders have notified the company of their intent to enforce their security interests and the company has consented.
Bracknell's Adesta unit, based in Omaha, Neb., said in a separate statement that it had filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in bankruptcy court in Omaha. It said it would continue to operate while restructuring its financial obligations. Adesta builds fiber-optic communications networks, and has installed over 2 million fiber miles in more than 70 metropolitan areas.