Source: The Durrant Group
In an effort to increase profitability and growth and to best serve its clients and creditors, The Durrant Group, Inc. ("Durrant" or the "Company") announced that it has filed for Chapter 11 Bankruptcy protection in the United States Bankruptcy Court, Northern District of Iowa. The Company plans to proceed with a section 363 sale in order to expedite the acquisition process. Moglia Advisors has been retained to act as the Merger and Acquisition Advisor and has launched a national marketing campaign in order to sell the Company for the highest and best price. Moglia Advisors is in discussions with several market-leading architectural and engineering firms interested in acquiring all or a substantial portion of the business. Joseph A. Peiffer of Day Rettig Peiffer, P.C. has been retained as Durrant's bankruptcy attorney to guide it through the process of the bankruptcy sale. Durrant has been closely working with its bank which will provide the necessary financing to continue operations and to allow the Company to sell its operations on a going concern basis.
Durrant is a 79 year old company headquartered in Dubuque, Iowa, which is highly respected in the justice, security, learning, healthcare and government construction markets. It has offices in Arizona, Colorado and Iowa, as well as project offices in California and Missouri. The Company expanded its practice to Latin America by designing a $300 million prison in Mexico, which positions the Company well for other projects in Latin America. The Company has 77 employees and expects to generate $12.7 million in net revenues for fiscal year 2011.
According to Charles Marsden, its president, "We felt that the best interests of the clients, employees and creditors are best served by taking the expedited sale of Durrant through a Chapter 11 proceeding. We are working quickly and efficiently to maximize the value of Durrant and to serve our clients even better and with a wider geographic reach. In the interim, we owe our vendors, clients and employees our continued gratitude for their supreme vote of confidence these last 79 years, and in the future."