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Kearney Construction Co., in bankruptcy court, vows to complete projects
By James Thorner,
St. Petersburg Times
Published: Sep 1, 2008

Days after filing for Chapter 11 bankruptcy, Kearney Construction Co. vowed to complete a dozen ongoing projects, including a pressing deadline to finish a taxiway at Tampa International Airport.

In Tampa bankruptcy court Tuesday, Judge Caryl Delano gave Kearney permission to continue paying its 155 employees, though it was clear profits from current projects wouldn't be enough to pay off debts that exceeded $30 million.

Harley Riedel, Kearney's bankruptcy attorney, said the company would have to devise an "exit strategy" that could include a sale of assets.

But company chairman Charles "Bing" Kearney vowed to keep his 53-year-old family firm running. Kearney blamed the banking crisis for throwing his company, as well as competitors such as Larkin Construction, into financial turmoil.



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