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Chapter 7 bankruptcy filed by electrical contractors

One of the most prominent electrical contractors in the nation's capital has closed its doors for good, local business news reports. South Carolina electricians may be familiar with Truland Systems Corp., which filed for Chapter 7 bankruptcy alongside two affiliate companies in late July. The filing came hot on the heels of an unforeseen company closure that is expected to impact roughly 1,000 employees of the company.

The decision to file for bankruptcy was made with speed and efficiency. Following the emergency close on July 21, the board of trustees met the next day and determined that a Chapter 7 filing for Truland Systems and affiliates, Truland Services and Truland Walker Seal Transportation, was necessary. There is a possibility that the parent company, Truland Group, will be headed to bankruptcy court in the near future as well.

Despite a strong showing in 2012 with gross profits equalling $371 million, Truland has apparently suffered in the last two years. According to paperwork filed, all three companies list assets equal to or less than deficits of between $10 million and $50 million for each individual company. Representation for the parent company was not available for comment as of this report, but it is believed that several possible sales are being negotiated.

Truland is not the first company to encounter financial hard times in the last few years, as South Carolina business owners are keenly aware. Thankfully, Chapter 7 bankruptcy will allow them to liquidate the assets of the affiliate companies, possibly buying critical maneuvering room for the parent company or a way to help appease creditors. This should hopefully allow the company's ownership to move forward in a more financially stable way from here on out.

Source: bizjournals.com, "Truland Systems Corp., affiliated companies file for Chapter 7", Daniel J. Sernovitz, July 24, 2014

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