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Local builder beset by debt
By MICHAEL SASSO
Tampa Tribune
Published: Aug 28, 2009

TAMPA - Kearney Construction, a large contractor that worked on the International Plaza and Westfield Citrus Park malls, has filed for bankruptcy protection.

The company filed for Chapter 11 bankruptcy protection Wednesday in Tampa, listing estimated assets of $10 million to $50 million and estimated liabilities in the same range. Chapter 11 bankruptcy allows a company to reorganize its finances while being protected from creditors.

Charles "Bing" Kearney, a company executive and member of the founding family, declined comment. His bankruptcy attorney did not respond to an interview request.

Founded in 1956, Kearney Construction has done major road work in the area for years and did the early site development work for International Plaza and Westfield Citrus Park, then known as Citrus Park Town Center. In recent years, it also has done earthwork on the Cypress Creek Town Center, a mall planned for Pasco County that has faced numerous environmental and regulatory hurdles.

Bing Kearney has been active in Republican fundraising, including hosting an event for ex-Hillsborough County Commissioner Brian Blair. The company Web site says it has 400 employees, but it wasn't clear this week whether that count is accurate.

This month, the Kearney Construction was fired by Pasco County after it fell behind in a $5 million road project along U.S. 41. The company's bankruptcy shouldn't affect the county financially because the project was backed by a surety bond that guaranteed its completion, said Bruce Kennedy, an assistant Pasco County administrator.

Last week, the Kearney family sold more than 280 acres of land in Pasco County at auction.

Reporter Kevin Wiatrowski contributed to this report. Reporter Michael Sasso can be reached at (813) 259-7865.



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