Courtesy of Nevada DOT Project NEON is set to improve a stretch of Las Vegas highway that is currently the state's busiest, with traffic expected to double by 2030. Related Links: Virginia Will Build Tunnel as Design-Build After Rejecting Unsolicited Public-Private Proposal Nevada To Try P3 for Massive Neon Highway Project Nevada's Transportation Dept., which scrapped plans to use a public-private partnership (P3) approach for a massive and costly upgrade to a congested section of Interstate 15 in downtown Las Vegas, is turning to bond markets for financing. Higher interest rates, rising finance costs and increasing operation and maintenance expenses
Three Pittsburgh-area government agencies have agreed to pay a $500,000 settlement to end a lawsuit filed by the son of a Pittsburgh woman who died in 2011 along with three others caught in a flash flood that swamped a low-lying road in a valley near the Allegheny River.The Pittsburgh Water & Sewer Authority, Allegheny County Sanitary Authority and Pennsylvania Department of Transportation reached the agreement last month with the estate of Mary Saflin, 72, of Pittsburgh’s Oakmont section, who was swept away and drowned by flood waters when she got out of her vehicle. Saflin died about the same time as
As the excitement over the World Cup ebbed in mid July, Latin American politicians got busy dealing with China’s President Xi Jinping, who dashed through Brazil, Argentina, Peru and Venezuela signing 150 projects worth a colossal $70 billion. The deals included construction of a metro rail in Brazil and several projects worth $7 billion in Argentina. "We know that cooperation with China has not brought us debt, but greater development," Venezuelan President Nicolas Maduro said after shaking hands with the Chinese President over a bouquet of deals including a $700-million gold exploration project and others worth $4 billion in cash. Xi’s Latin
Related Links: China-Latin America Finance Database, Boston University Interactive Map of China's Lending to Latin American Countries China To Dispatch 5000 Workers To Kenya For Rail Construction (Ventures Africa) As excitement over World Cup competition in Brazil ebbed in mid-July, Latin American politicians were still busy playing host to China’s President Xi Jinping, who dashed through Brazil, Argentina, Peru and Venezuela signing deals for about 150 projects worth some $70 billion. They included construction of a metro rail in Brazil and several projects in Argentina worth $7 billion."We know that cooperation with China has not brought us debt, but greater
Related Links: Collapse of Contractor Lakeshore TolTest Corp. Leaves a Messy Trail Truland Group Units File For Bankruptcy Protection Michigan Contractor Lamar Construction Discontinues Operations, Terminating 180 Jobs Three prominent national contractors—Lakeshore TolTest Corp., Truland Group and Lamar Construction Co.—each has left a tangled mess for creditors, employees and clients in recent bankruptcy liquidation filings.Unlike a Chapter 11 filing under the federal bankruptcy code, where a company seeks to discharge debts but continue operations, Chapter 7 involves a sudden shutdown and sell-off of company assets. The collateral damage can be considerable."Non-dischargeable debts under Chapter 7 include sales taxes, employee withholdings
PhScarborough had pledged coal waste at this West Virginia tract as the asset backing his bonds. Edmund C. Scarborough, who owned the biggest and most public individual surety business in the U.S., once claimed that his guarantees were backed by solid assets comprised of valuable coal waste.In federal bankruptcy court in Tampa July 17, Scarborough and his wife, Yvonne, filed for protection from their creditors, listing assets of $4.5 million and liabilities of $16.2 million.The 70-page filing states that the main business asset held by the debtors is IBCS Mining, a Charlottesville, Va., based company that
Related Links: Chinese Firms Face Political Obstacles of Working in India India Unveils Annual Budget to Skittish Infra Investors India’s Union Budget 2014, presented by the now two-month-old new government’s Finance Minister Arun Jaitley on July 10, brought a new ray of hope to the fledgling infrastructure industry that has been plagued with bureaucratic restraints for the past few years.The budget has set determined goals, with allocations for 8,500 kilometers of roads, 16 new ports, 100 smart cities and industrial corridors. Given the past inaction, there remains some skepticism on when the projects will be awarded. For example, stalled projects
One day after Truland Group, the big Reston, Va.,-based electrical contractor, ceased operations on July 21, units of the company filed for protection from creditors in federal bankruptcy court in Alexandria, Va.The company ranks 21st on ENR's list of The Top 600 Contractors, with 2012 revenue of $486 million, and is listed as the 10th largest electrical contractor in the U.S.Exactly how many unfinished projects, stranded employees and surety bond claims the company leaves is unclear. Truland officials could not be reached for comment.Truland is seeking protection under Chapter 7 of the federal bankruptcy code, which usually involves liquidation of
Related Links: http://view.vcab.com/?vcabid=geaSejerpSclnlnag&count=10/07/2014%2008:28:54-2 Construction insurance is getting cheaper and easier to buy around the world, says Willis, the London-based broker.With the volume of work down and competition among insurers intensifying, capacity "is at an all-time high," says the broker in its report on construction, property and casualty policies for July 2014.Traditional property and casualty insurers "are seeking to extend their portfolios" to construction, says Willis.A new entry, says Willis, is Allied World Europe, which announced a new construction line of business headed by a former AIG executive.Additionally, new competitors from Asia have added to capacity. These include PICC, Ping An,
Source: Associated Builders and Contractors, Construction Backlog Indicator Average backlog dropped to 8.1 months, according to the ABC's CBI. ABC Sees Solid Q2 Trends The Associated Builders and Contractors' Construction Backlog Indicator declined 2.8% during the first quarter of this year. The quarterly drop left the CBI with an average backlog of 8.1 months, down from 8.3 months during the previous quarter but up from 7.9 months a year ago, according to ABC. The CBI reflects the amount of commercial and industrial construction work under contract but not yet completed."Despite a decline in overall backlog during the first quarter of
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