Navillus saved from bankruptcy

KERRY-owned Navillus Construction – one of New York’s biggest building firms – appears to have been saved from bankruptcy after it agreed a deal with unions to set aside a €76 million court judgement against the company.

Navillus – founded by Ballinskelligs brothers Donal, Leonard and Kevin O’Sullivan in 1987 – filed for bankruptcy protection last November, two months after it lost a lawsuit brought by five unions who accused the company of flouting agreements to employ unionised workers on its projects.

The exact nature of the deal with the unions is unknown but the agreement to set aside the €76 million judgement – one of the largest of its kind ever issued by the US courts – should allow Navillus exit bankruptcy by October, thus securing the future of the company’s roughly 1,600 employees.

Donal O’Sullivan, who retains close links with Kerry, is now the sole shareholder in the company which has been involved in numerous major projects, including the construction of the One World Trade Centre tower on the site of the 9/11 attacks.

“We are pleased to put this process behind us. Our work has continued uninterrupted throughout the process, and with the court expressing its willingness to vacate its judgment after the appeals court remands the cases. Navillus will be able to continue to contribute to the economic vitality of New York city for years to come,” said Donal O’Sullivan.