MGT Construction firm, subsidiary of Thalhimer brokerage, files for Chapter 7 liquidation

MGT Construction’s recent projects include Eggleston Plaza, an affordable housing project in Richmond’s Jackson Ward neighborhood.

MGT Construction Management Inc., a subsidiary of the commercial real estate brokerage Cushman & Wakefield | Thalhimer, has filed for Chapter 7 liquidation.

The filing in U.S. Bankruptcy Court in Richmond on Thursday is the final step in shutting down the construction business that has operated for more than 25 years.

The documents filed with the court provided scant details about the company or its finances. It listed assets of $100,001 to $500,000 and liabilities of $10 million to $50 million.

The Chapter 7 filing said the company had between 200 and 999 creditors, many of them Richmond-area businesses.

MGT Construction, which had experienced financial problems in recent years, has been working to wind down its operations for the past several months.

But no one works for the construction company now, including Michael Logan, MGT Construction’s longtime president who left the business last month.

The construction company’s recent projects include Eggleston Plaza, an affordable housing project in Richmond’s Jackson Ward neighborhood, and renovations of three City View Landing warehouses into apartments and office space at the site of the former Reynolds Metals Co.’s South Plant in the Manchester area of South Richmond.

“Our strength resides in our commercial real estate business,” Warfield said in a statement. “Our attention is focused exclusively on serving our clients and growing our commercial real estate brokerage, property management, acquisition and development business.”

Source Article