Hollister Construction Services filed for Chapter 11 bankruptcy protection on Sept. 11, a move the company says will allow it to continue operations.
“The company is working with its bank and bonding company to obtain financing to continue work on most jobs, and the current leadership team will remain in place during the court-supervised reorganization,” Hollister said in a statement to NJBIZ.
Ahead of the filing the company cut approximately 46 of its employees on Friday saying that the decision was difficult, but one its leadership felt confident would allow the company to reorganize.
Parsippany-based Hollister said it will remain open for business throughout the reorganization process and will continue to conduct business.
According to the petition filed with the U.S. Bankruptcy Court District of New Jersey in Trenton, Hollister will be represented by Kenneth A. Rosen of Lowenstein Sandler in Roseland.
The company said its assets and liabilities each totaled between $100 million and $500 million and that it counts 200 to 999 creditors.
Hollister’s current leadership team will maintain management control of the company during this reorganization; however, the bankruptcy court will hold final review and oversight over all significant business decisions outside the ordinary course of business.