Developer behind controversial George Washington Bridge Bus Terminal files for bankruptcy
More than two years after the George Washington Bridge Bus Terminal reopened following a delayed and costly renovation, the developer in charge of the work has filed for bankruptcy.
George Washington Bridge Bus Station Development Venture LLC filed Chapter 11 bankruptcy in federal court Monday, as first reported by Politico.
“As a result of significant cost overruns, delayed construction as it relates to the station and a protracted arbitration with the general contractor of the project, GWB filed chapter 11 to run a robust sale process in order to maximize value for all stakeholders," the developer's lawyer, Michael Sirota, said in a statement.
The company's assets are estimated between $50 million and $100 million, and liabilities between $100 million and $500 million, according to bankruptcy documents.
Read mpre: https://www.northjersey.com/story/news/transportation/2019/10/08/george-washington-bridge-bus-terminal-developer-files-bankruptcy/3906741002/