A subsidiary of one of Florida’s largest crane companies has filed for Chapter 11 bankruptcy protection following lawsuits from creditors, suppliers and competitors accusing the firm of theft and other wrongdoing. The firm, Gulfstream Crane LLC, filed on Dec. 8 in U.S. Bankruptcy Court, Southern District of Florida, Ft. Lauderdale, claiming over $100 million in liabilities against $79 million in assets. Its parent company, Pompano Beach, Fla.-based General Crane USA—which owns six subsidiaries in total—aggressively expanded during the last few years, spending $35 million for 60 Linden Comansa tower cranes in 2006 and $30 million for 16 Liebherr Nenzing crawler
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.