North Carolina Epicenter Contractor’s Chapter 7 Filing and the Fallout
The Epicentre, in Charlotte, North Carolina, was supposed to be a major hub in the city’s economic center. It’s Web site boasts of the various occupants: Hotel, housing, restaurants, business meeting space, movie theaters, shopping.
Cramming all those features in costs money, but now many of the companies that worked on the project are finding it hard to come by.
Advanced Construction and Consulting recently filed Chapter 7 bankruptcy and listed no assets whatsoever. Chapter 7 bankruptcy uses a company’s assets to pay off the creditors, but with no assets that payment may be tough to come by.
This is already causing a ripple effect among businesses tied to the project, reports North Carolina’s WCNC Channel 36.
Advanced Construction and Consulting used hundreds of contractors to do much of the work on the building. Now, those contractors need to be paid to keep their businesses afloat. But no one is sure where the money will come from. ACC owes hundreds of creditors more than $5 million.
Some creditors, such as Luna Stone, may look to the building’s developer in an effort to get their money.