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Skansa, AAI reach interim agreement over interior glass subcontract at World Trade Center PATH station

Post Time:Jul 27,2012Classify:Industry NewsView:65

U.S. Bankruptcy Judge Magdeline D. Coleman has approved an interim agreement between American Architectural Inc. and Skansa, giving AAI until September 14, 2012, to assume or reject its subcontract for interior glass work and railingsat the World Trade Center Path Hall. All terms and conditions of the subcontract will remain in "full force and effect" until that date, according to court documents, with Skansa and AAI having established a temporary joint check payment procedure for work performed during the interim period.

The ruling follows Skansa's June 28 motion to compelAAI to "assume or reject" the subcontract for the PATH hall project within seven days. According to the court documents, Skanska subcontracted AAI to provide ornamental glass railings, select storefronts, balanced doors, smoke baffles and other miscellaneous interior glazing products at the PATH Hall—a contract amount of more than $6.2 million.

American Architectural Inc. filed for voluntary Chapter 11 bankruptcy, June 15, in the United States Bankruptcy Court Eastern District of Pennsylvania. According to court documents, AAI "has advised Skanska that it no longer has the liquidity required to fund the work at the project and perform under the subcontract in accordance with the subcontract terms."

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