Vision Construction Co. Inc., a general contractor based out of San Antonio, Texas, announced that it has filed for Chapter 11 bankruptcy protection and is looking to reorganize the business.
“The company is reorganizing and intends to pay everyone and complete all its projects,” according to a statement from Vision Construction. “This action was necessary due to circumstances beyond its control.”
According to court documents, Vision Construction says it has between 50 and 99 creditors to pay with assets between $1.0 million and $10.0 million. The largest creditors are Dallas-based Brass Centerview for a lease worth $480,000, HSC Electric ($234,949.00), and Mission Restaurant Supply ($233,744). The company also owes $115,000 to American Express Company (NYSE:AXP) and an unnamed amount to Gold’s Gym International, Inc.
Vision Construction was founded in 2003 in South Texas by Noel and Joanna Flores along with Hector Garcia. The company’s work has been centered on the government contracting sector. Some of the company’s previous jobs have included work inside Fort Sam Houston, Joint Base San Antonio, Lackland Air Force Base, and Camp Bullis. (Source: San Antonio Business Journal, June 7, 2017, op cit.)
In addition to government contracts, Vision Construction has also done a lot of work in the healthcare sector, completing jobs for the Laredo Medical Center and office renovations at University Health System.
According to the most recent data (2012), Vision Construction had about 30 employees and was able to increase its bonding capacity to $6.0 million for individual projects and $16.0 million in aggregate. In 2012, Vision Construction had revenue of around $3.0 million.
While it is not known how much revenue Vision Construction generated in the lead-up to filing for bankruptcy protection, the company was awarded at least $7.6 million in contracts in 2015. In 2016, the company’s contract revenues slipped to around $3.7 million.
In 2017, the company was able to secure a total of $39,000 in contracts from the the U.S. Environmental Protection Agency, Department of Defense, and Department of Homeland Security.
“Local construction company files for bankruptcy protection, seeks to reorganize,” San Antonio Business Journal, June 7, 2017.
“Voluntary Petition for Non-Individuals Filing for Bankruptcy,” The Business Journals, June 2, 2017.