SP Fabricators in Humacao, a company with 25 years of experience producing and selling structural steel to the industrial and commercial construction markets, filed for Chapter 11 bankruptcy protection listing more than $17.7 million in debt.
Simultaneously, the company sought the same consideration from the U.S. Bankruptcy Court for SP Management Inc., which listed another $3.3 million in debt.
In the filings dated March 27, the companies listed significant outstanding debts with several banks, mainly Scotiabank, and combined assets of about $2.6 million.
SP Fabricators Inc. was founded in 1987, is privately held, and presided by executive Humberto Bermúdez-García. The company employs about 100 people and reportedly generated about $10 million in revenue in 2011.
However, Puerto Rico’s construction and development sectors have fallen on significant bad times in the past six years, driving dozens of companies to seek the court’s help to reorganize or liquidate their assets.