Monday, June 23, 2008

Rough weekend for Modern Continental

Try to follow this one all the way through...

The U.S. Attorney's office in Boston brought criminal charges on Friday against Modern Continental Corp., the largest contractor for the Central Artery Tunnel project in Boston, also known as the Big Dig, saying it knew that bolts were coming loose in the ceiling of the Interstate 90 tunnel but glossed over the problem until the panels fell in 2006, killing a motorist. According to Saturday's Boston Globe, prosecutors said they brought the charges after plea negotiations wtih the company broke down. The company denied the accusations in a statement issued Friday night.

Fast-forward to earlier today, when Modern Continental filed for Chapter 11 bankruptcy protection, according to the Boston Business Journal. The company listed URS Corp. and Architectural Paving as its two largest unsecured creditors, holding claims of $9.9 million and $3.2 million, respectively. According to the article, Modern Continental listed its assets between $100 million and $500 million and its debts between $500 million and $1 billion.

The Big Dig mess continues.

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