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Castle Hayne contractor's bankruptcy delays Onslow Co. bridge

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RALEIGH, NC (AP) -- North Carolina transportation officials say work has been halted on a bridge replacement in Jacksonville.

The Transportation Department said Monday that the contractor for the Buddy Phillips Bridge is working with the United States Bankruptcy Court to restructure the company.

The state agency said Intercoastal Contracting Inc., of Castle Hayne is working with the court to develop a plan to complete active projects.

The transportation department said if Intercoastal Contracting is unable to resume work, the agency will work with the bonding company, Liberty Mutual Insurance Co., to find a replacement contractor.

Transportation department officials say the replacement project was about 20 percent ahead of schedule. The agency says it thinks the July 22 completion date can be accomplished.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Raised Eye Brow

So tell me... if they job cost 11.8 million dollars... how did this company go bankrupt? Maybe I'm not understanding it.. but how do you spend 11.8 MILLION dollars?

I am un certain

what the project cost.

But, the contractor is never paid the entire contract amount up front. Normally there is a construction schedule which denotes amounts to be paid as construction continues.

This job may not have been the issue which drove them into bankruptcy court. If you look at their website, they do many types of projects. Very possible they were stiffed on a private sector project which brought them up short.

Likely will not know until it wends its way out of the judicial system.

And

this is exactly why you require the contractor to be bonded.

With the additional costs to resurface 3rd Street, is that due to a contractor failure?

Tom

The additional costs for 3rd street were directly related to a much more long lasting asphalt mix to be used. This is a heavily traveled street and one we don't wish to tie up with constant repairs due to substandard asphalt being used.
The contractor made the case, and council approved the better asphalt. It may turn out to be a wise choice after all but only time will tell.

Vog

VOG

if it is a wise choice that may be the first for the Saffo administration.

TOM

Even a broken clock is right twice a day.
Just joking.

I can understand the reasoning but I do wonder about how well this "improved" asphalt will perform.
What really irks me is when a new surface is laid down and 3 weeks later some contractor is digging up a small "square" because he's got to get at a valve or water line at the road edge. They then patch that square using substandard asphalt. Next thing you know that's where the asphalt is failing.........

But an extra million for a possible 10 year life span seems reasonable to me.

Vog