Durrant Bankruptcy Intended for Company Recapitalization
DUBUQUE, Iowa — Under the recent announcement of Durrant Inc. filing for bankruptcy protection under Chapter 11 and reorganization under a section 363 asset sale there will be no changes to existing and newly secured contracts.
“A lot of people jump to the conclusion that if we do this we are going out of business and that is not the situation,” explained Frank Roberts, managing principal at Durrant. “It is business as usual — we are still providing services to those that we are in contract with and still soliciting projects.”
The filing is intended to reorganize the company and Durrant Group is in negotiation with several firms about being purchased.
“We are looking at this as an opportunity for an acquisition,” said Diana Casas, senior director at Moglia Advisors, retained as the merger and acquisition advisor firm. “This is an opportunity to make a stronger Durrant that is better capitalized and able to compete in the markets that it is passionate about.”
The decision to sell the company and the process has not impeded business, said Casas. “Durrant has signed on $8 million in new business this year and in the past 30 days has won three new contracts.”
Durrant is a 79-year-old company with domestic offices in Des Moines, Denver, Phoenix, San Diego and Fresno, Calif. In addition to the justice sector, Durrant serves the educational, health care and commercial verticals.
Durrant has designed more than $5 billion in justice-related facilities, including 90 prisons and jails and 50 courthouses. The company’s international work includes prisons in Mexico, Barbados and Israel.
Roberts noted that the decision to file is critical to looking forward. “This is getting us ready for the future and will enable us to compete more effectively.”
Moglia Advisors is in discussion with market-leading architectural and engineering firms interested in acquiring all or a substantial portion of the business. Joseph A. Peiffer of Day Peiffer P.C. has been retained as its bankruptcy attorney to guide it through the bankruptcy sale.