Creditors say they are owed $30 million by Truland Group, the Reston, Va., based electrical contractor, and its subsidiaries, which shut down July 31 and filed for protection in federal bankruptcy court.
The total amount owed was contained in a list of claims against the company that Truland's attorneys submitted to a bankruptcy court judge in Alexandria Oct. 22. The company made the filing after numerous delays.
Both Truland's main lender, BMO Harris Bank, and its surety, XL Specialty Insurance Co., are individually suing Truland in federal district court over collateral and assets each says the company and its owner, Robert Truland, owes.
The new financial affairs document filed by Truland provides few clues to the narrative behind the bankruptcy of the country's tenth largest electrical contractor, but the $30 million in creditor claims so far filed against Truland Group and its subsidiaries show how complicated the companies' future will be.
Truland's bankruptcy filing stranded employees and projects throughout the metropolitan Washington, D.C. area, where most of the contractor's work was performed.
BMO Harris Bank, the biggest creditor, says it is owed more than $27.5 million. Sunbelt Rentals filed claims for $329,800 each against three of the Truland companies. The Internal Revenue Service filed two claims for a combined $440,600 against Truland Group and Truland Walker Seal Transportation Inc.
Other creditors include rental companies, individuals, contractors and subcontractors. In total, the 83 claims made so far add up to more than $30 million, although some claims appear to be duplicates.
The last date to file claims with most of the Truland Group companies is December 31, 2014. Until then, creditors will not know how much they can expect to receive, if anything, from the liquidation. In the latest effort to recover funds from Truland's assets, more than 30 of the companies' cars, vans, and trailers sold at auction for a combined $213,015.