Donal O'Sullivan, founder and CEO ofNavillus
NEW YORK CITY—Navillus was granted approval to exit Chapter 11bankruptcy protection. The construction company reached asettlement with union benefit funds and trustees in August. Thiswas approved by Judge Sean H. Lane on Thursday. The constructioncompany has agreed to pay $25.7 million in a single payment by theend of the month to the union parties, according to the attorneyrepresenting the funds, Thomas Kennedy of Cohen, Weiss &Simon.
In 2014, the union parties filed a lawsuit. Last year inSeptember, the chief judge in the US District Court for theSouthern District of New York, Colleen McMahon, found that thecompany had created non-union “alter ego” companies, ACS, TSC andHDK to avoid union obligations. She ordered Navillus to pay $76million to the plaintiffs. As a result, Navillus filed forbankruptcy.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
