Executives of Havens Steel Co., an 80-year-old fabricator and steel erector that built some of the nations most prominent structures, are scrambling to save the company from becoming the first major corporate casualty of the worldwide spike in steel prices.
After filing for protection from its creditors March 18 in federal bankruptcy court in Kansas City, Mo., where the firm is based, Havens executives on March 30 met with the firms surety in Hartford, Conn., to iron out a survival plan. Whether they will succeed remains unclear. On March 24, U.S. Bankruptcy Judge Jerry Venters ordered the surety, St. Pauls Fire & Marine Insurance Co., to allow the release of project funds so that Havens can pay employees, subcontractors and vendors and continue work on six bonded projects through April 10.