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John Vratsinas Commercial Builders - Nationwide Commercial Construction

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2009-01-08

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stories: desmoinesregister.com

John Vratsinas Commercial Builders, A Des Moines, Iowa "nationwide commercial construction service provider, best known for our expertise and innovation in the field of retail construction," has filed for Chapter 11 bankruptcy protection according to the Des Moines Register. On the filing, the Register notes:

John Vratsinas Commercial Builders Inc., which until last month did business as JVC Builders, filed papers listing $13.1 million in assets and $9.9 million in debts. The company listed nearly $11.2 million in accounts receivable.

The company was founded in 2000 and had revenues of nearly $40 million in 2008. The company's namesake and CEO John Vratsinas blamed the closure on the general economic slowdown. Specifically, Vratsinas said, "Of the 10 worst-performing companies on the Standard and Poor's 500, four are clients of ours." Ouch!

Though not a home builder, we're listing JVC Builders as a "tiny" implode — noteworthy even as it is tied to commercial construction.

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.