No meet­ing in sight for Ebert cred­i­tors owed $45m

The Press - - Business -

There will be no quick cred­i­tors’ meet­ing for peo­ple owed money by failed con­struc­tion com­pany Ebert Con­struc­tion. Liq­uida­tor David Rus­coe of Grant Thorn­ton was ap­pointed last week, and in his first re­port said he needed more time to gather in­for­ma­tion about the com­pany’s po­si­tion. He ex­pected his ini­tial in­ves­ti­ga­tion would take two months. Ebert col­lapsed in Au­gust ow­ing cred­i­tors about

$45 mil­lion, $33.8m of it to un­se­cured cred­i­tors. Rus­coe said Ebert’s share­hold­ers had pro­vided his firm with fund­ing for ‘‘a proper in­de­pen­dent in­ves­ti­ga­tion . . . to ad­dress any con­cerns around the con­duct of the com­pany’’. Em­ploy­ees re­ceived $640,000 in pref­er­en­tial en­ti­tle­ments a week ago, the liq­uida­tor’s re­port said. They are still owed

$1.28m in un­se­cured pay or en­ti­tle­ments.

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