In a sign of the economic times, a major Westchester concrete supplier for commercial and residential developments last week filed for protection from creditors in U.S. Bankruptcy Court. The company”™s attorney said he expects to see more such filings this year by construction industry contractors as jobs have ground to a halt on development projects.  Â
The Chapter 11 reorganization petition was filed in the court”™s Southern District of New York by Byram Concrete and Supply Inc. in White Plains and its Peekskill affiliate, South Street Materials Inc.
Byram estimated its liabilities at $10 million to $50 million, spread among 100 to 200 creditors, against an estimated $1 million to $10 million in assets.
According to the company Web site, Byram manufactures concrete mixes and supplies masonry building materials to homeowners and commercial projects in Westchester and Putnam counties, the north Bronx and southern portions of Dutchess and Orange counties. It operates a fleet of 60 trucks.
Byram has supplied several developments completed by Cappelli Enterprises Inc. in Valhalla, including the Ritz-Carlton hotel and condominium towers, Trump Tower and City Center in downtown White Plains, Trump Park Residences in Yorktown and Trump Plaza and the New Roc City retail buildings in downtown New Rochelle. Its other projects include the White Plains Hospital Center, Westchester County Courthouse, Sheraton Hotel in Tarrytown and the I-287/I-87 interchange in Tarrytown.Â
“Obviously the economy is in terrible shape,” said the company”™s bankruptcy attorney in Harrison, Robert L. Rattet. “This is strictly about the economy, or lack thereof.” Byram has seen a decline in volume of sales and jobs and rising costs for diesel fuel and other expenses, he said.
“If they”™re not building, then you know that the construction industry commercially has its problems,” Rattet said. “You have subdivisions where the projects are at a dead halt. Look around Westchester ”“ how many holes in the ground do you see that aren”™t being developed?”
Byram”™s attorney said the company has “already started the process of restructuring.” The company in 2008 closed its plants in Yonkers and Carmel. At its remaining plants in White Plains and Peekskill, “We”™re going to trim the operations down to a return where it becomes profitable again. We”™ve been around a long time and we expect to continue for a long time.”
Rattet said he also represents three electrical contractors in the metropolitan area in Chapter 11 bankruptcy filings. “I expect to see even more,” he said.
“Hopefully with the new president and the public projects he”™s proposing, business will turn.”   Â
Byram Concrete President Leonard J. Luiso could not be reached for comment. Â
