Nearly a year after the Florida International University (FIU) pedestrian bridge collapsed, Magnum Construction Management (MCM), the Miami-based contractor hired to install the bridge, has filed for bankruptcy.
MCM, formerly known as Munilla Construction Management, submitted its Chapter 11 bankruptcy protection filing on March 1, 2019.
Six people were killed and 10 injured as a result of the March 2018 collapse of the FIU bridge. Back in November, the National Transportation Safety Board (NTSB) released an investigative update indicating that design errors were made on the bridge. The agency is continuing to investigate the incident.
Back in September, the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) cited multiple contractors, including MCM, for safety violations after OSHA's investigation determined that the companies failed to protect workers when indications of a potential bridge collapse were evident.
According to a press release from MCM, the filing of the Chapter 11 plan of reorganization is "not an attempt to avoid any responsibility that might be assigned to the company for the collapse of the bridge" on March 15, 2018. The news release indicates that the company intends to resolve those claims as part of the restructuring.
The company's website says MCM’s "liquidity became constrained" after the FIU bridge collapse and when the company was unable to pursue new projects. As a result, the company lost access to its credit facilities.
In its filing, MCM said it has between 1,000 and 5,000 employees, assets of between $50 million and $100 million, and liabilities of between $10 million and $50 million.
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Source: Construction Dive / Magnum Construction Management
