The Dietze Construction Group, a building contractor in the Washington, D.C. area, filed May 18 for protection from its creditors in U.S. bankruptcy court in Virginia. The company had planned to sell itself to Suffolk Construction Co., a much bigger Boston-based contractor, but the announced deal apparently had never been completed. Based in Ashburn, Va., Dietze listed numerous creditors and several million dollars in unpaid debt. The creditors included concrete, electrical and mechanical subcontractors or suppliers. Dietze had 2009 revenue of about $150 million while Suffolk’s revenue for the year was about $1.7 billion. Suffolk’s revenue was boosted by the
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.