With revenue down over 20% at the time of their filing, Oklahoma City-based contractor Brad Garrett Construction filed for Chapter 7 bankruptcy on November 30, 2020.
Brad Garrett Construction claims in their bankruptcy filing that they owe $5.14 million in secured and unsecured claims to creditors — of which over 30 are contractors or material suppliers.
At the time of their bankruptcy filing, Brad Garrett Construction reported having:
- $5,146,589.89 in total liabilities
- $28,422.38 in total checking
- $96,653.93 in accounts receivable
- $2,402,723.88 in total assets
Between January 1, 2020 and the date of Brad Garrett Construction’s bankruptcy filing in late November 2020, the company reported $4,923,745.58 in gross revenue, according to the contractor’s Chapter 7 bankruptcy filing with the US Bankruptcy Court for Western District of Oklahoma.
However, in 2019, Brad Garrett Construction posted $6,691,057.36 in gross revenue — which, to date, is a decrease of 26.4% compared to the contractor’s revenue total between January 1, 2020 and their filing date of November 30, 2020.
In 2018, Brad Garrett Construction posted $6,574,825.00 in gross revenue.
What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy deals with the liquidation of the debtor’s nonexempt property and the distribution of their proceditors to any creditors. When filing for Chapter 7 bankruptcy, the court in charge of the filing will place a temporary stay on the debts.
By doing so, the debtor can prevent the creditors from collecting payments, foreclosing on property, garnishing wages, and more. Overall, debtors can seek a Chapter 7 filing to clear out various types of unsecured debts.
List of creditors from Brad Garrett Construction’s Chapter 7 bankruptcy filing
Unsecured claims
At the time of their bankruptcy filing, Brad Garrett Construction reported having 201 unsecured claims worth a combined $4,822,296.69.
Of the 201 creditors, 37 are contractors, subcontractors, and material suppliers:
- 7 G’s Trucking, LLC – $8,720
- Another Pipeline, CO. – $36,000
- Atlas Rock – $22,476.09
- Barton Bolt & Supply – $17.35
- Bash Power Solutions – $7,595
- Basin Power Solutions – $7,242
- Big State Industrial Supply – $303.28
- Buesing’s Pump & Supply – $1,827.74
- C&C Hardware – $689.97
- CAT Financial – $39,892.18
- Challenger Services – $196,542.21
- CL Boyd – $2,124.64
- CM Heavy Machinery – $74,911
- Cotton Electrical Supply – $234
- CPM Trucking – $1,965
- Cross Country Infrastructure – $85,211
- Dolese Bros. – $8,666.93
- Drilling Mud Direct – $28,625.53
- Fechner Pump & Supply – $1,062.13
- Five Star Equipment – $996.88
- Herc Rentals, Inc. – $22,217.87
- Jennings Stone – $8,453
- K&M Dirt Services – $861
- Kirby Smith Machinery – $3,298.13
- M&M Supply – $3,069.80
- Pioneer Supply – $516
- PMP Directional – $32,000
- Right Turn Supply – $544.38
- RITZ Safety- $1,936
- Speciality Drilling Tools – $30,328.68
- Sunbelt Equipment – $65,658
- TH Rogers Lumber – $432.25
- Tim Mills Fence, CO. – $4,680
- Tractor Supply – $2,609
- United Rentals – 27,359.32
- Wagner Smith Equipment – $4,434
- Warren Power & Machinery – $116,037.24
Secured claims
Brad Garrett Construction’s bankruptcy filing lists the contractor having 15 secured claims worth $324,293.20.
Disputes surrounding Brad Garrett Construction
As of the bankruptcy filing in late November of 2020, Brad Garrett Construction lists one pending dispute and four additional concluded disputes.
The nature of the pending disputes is described as “indebtedness” between the bankrupt contractor and Southwest Bell Telephone Company.
The four concluded disputes listed in the bankruptcy filing were each matters surrounding “contract default.”