Swanke Hayden Connell claims that it is unable to collect more than $2 million from an assignment in Russia.
The century-old New York architecture and interior-design firm Swanke Hayden Connell – famous for renovating the Statue of Liberty in the 1980s — has filed for Chapter 11 bankruptcy protection.
The firm is citing its inability to collect more than $2 million from an assignment in Russia, according to the Wall Street Journal. The bankruptcy is unusual in that Swanke Hayden Connell doesn’t have any major bank loans or other secured debt.
Instead, the firm says in court filings that it simply doesn’t have the cash to pay its bills.
Over the years, Swanke Hayden’s work including the Trump Tower, the Statue of Liberty and the recent rehabilitation of Central Park restaurant Tavern on the Green.
More recently, Swanke Hayden has taken on projects in Russia, including a 70-story mixed-use tower in Moscow and a planned mega-complex in downtown Moscow. [WSJ] – Christopher Cameron