Iowa architectural firm Durant declares bankruptcy

One of Iowa’s largest architectural-engineering firms Durant Group has filed for Chapter 11 bankruptcy protection as it looks for a new owner.

Joe Pfeiffer the attorney representing Durant stated he hoped the group could emerge from bankruptcy within 60 days. They are negotiating with several other architectural and engineering firms to purchase the business in its entirety.

Pfeiffer stated Durant is “suffering from an accumulation of problems that go back to 2008.” Durant was in the middle of downsizing previous the economic downturn of 2008, which magnified the difficulties.

Durant remains a viable and added $8 million in new business.

Durant has offices in Denver, Phoenix, Fresno and San Diego along with locations in Dubuque and Des Moines.

The Durant bankruptcy filing didn’t list specific amounts, but their debts and assets are estimated to be between $1 million and $10 million with 1,000 to 5,000 creditors.

Bankruptcy is often a company’s last resort when trying to shed overwhelming debt. Their chosen bankruptcy attorney will be able to outline the different filings and will advise them on which structure is most appropriate for their needs, whether it is a reorganization plan or liquidation.

With the assistance of a bankruptcy lawyer a business will be able to reduce or eliminate their debts through the various structures available. A bankruptcy attorney may recommend the business be sold or look for outside investors to keep them financially solvent.