Modular construction firm Katerra files for bankruptcy
By Leila Steed09 June 2021
US tech-enabled construction company Katerra has filed for bankruptcy protection, after struggling to cope with the “macroeconomic effects” of the pandemic and the “unexpected insolvency proceedings” of its former lender.
The California-based firm - which aims to “transform the construction industry” using a fully-integrated approach to mass timber design, production, engineering, distribution and construction services - said the “rapid deterioration” of its financial stability was the cumulative result of it being unable to secure both new business and additional funding, following the collapse of its lender.
With offices across North America, operations in China, India and the Middle East and 8,000 employees globally, Katerra opted to “voluntarily filed for relief under Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas”, in order to help protect itself...Sign in to continue reading.
Marc Liebman, Chief Transformation Officer, said, “While a number of negative factors have led to Katerra’s current challenges, we are implementing initiatives on multiple fronts to maximize value and provide the best path forward for Katerra and its many stakeholders.”