A Brewer-based producer of composite bridge methods has filed for chapter, reporting an working lack of almost $860,000 by the primary 5 months of 2023.
Superior Infrastructure Applied sciences LLC filed for chapter 11 chapter safety by the U.S. Chapter Court docket in Bangor final month. On this chapter of the US Chapter Code, the debtor sometimes proposes a plan of reorganization to maintain its enterprise alive and pay collectors over time.
Superior Infrastructure Applied sciences is headquartered in Naples, Florida, and has areas in Brewer and North Randall, Ohio. The corporate designs and manufactures composite bridge methods meant to final a long time longer than conventional metal and concrete constructions.
Alternative of the Grist Mill Bridge in Hampden was the primary mission within the nation to make use of the corporate’s composite girder expertise, which was developed in collaboration with College of Maine researchers. A number of months in the past, the Maine Division of Transportation was contemplating utilizing the corporate’s GBeams, that are fiber-reinforced polymer bridge beams, to interchange the deteriorating Llewellyn G. Estes Memorial Bridge in Previous City in 2024.
Whether or not or not the division plans to maneuver ahead with the corporate’s expertise was unclear Friday.
“AIT has made nice strides over the past 13 years, introducing progressive and disruptive composite applied sciences to the infrastructure market,” Chief Government Officer Brit Svoboda mentioned. “Sadly, we now have struggled just lately attempting to lift the numerous progress funding essential to assist our increasing alternatives.”
Superior Infrastructure Applied sciences’ belongings complete $8.1 million, in contrast with $18.8 million that it owes to varied events, in keeping with court docket paperwork.
Nearly all of the $18.8 million in liabilities consists of intercompany transactions, convertible debt and different insider debt, Svoboda mentioned. The corporate owes roughly $5 to $6 million to 3rd events, he mentioned.
The corporate is speaking with a number of teams about partnerships that will assist it “come out the opposite aspect of reorganization more healthy, stronger and higher ready” for a big change in how the world builds infrastructure, Svoboda mentioned.
Tex Tech Industries, which Superior Infrastructure Applied sciences owes almost $312,000, is listed within the chapter submitting because the creditor with the biggest unsecured declare. Others embody the College of Maine, which is owed greater than $95,400, and Newport Industrial Fabrication Inc., which is owed greater than $85,900.
No secured collectors, who’re sometimes paid first in a chapter 11 chapter, had been listed within the submitting signed by Svoboda and Portland-based Adam Prescott of legislation agency Bernstein, Shur, Sawyer & Nelson.
Superior Infrastructure Applied sciences was based in 2009 as a derivative of the college’s Superior Constructions and Composites Heart. Lots of its early initiatives concerned “Bridge-in-a-Backpack” composite arches, that are utilized in bridges throughout the nation and internationally.