SPOKANE, Wash. - A local company appears to be in financial trouble. Vandervert Construction Inc. – a well-known, Spokane-based company – recently was placed in receivership.
Vandervert, a company that recently handled the Steam Plant project – will have an attorney that manages their assets and affairs for the time being before the next steps are determined.
Going forward, the company could file for bankruptcy.
Court documents show Vandervert owes money to over 300 subcontractors. That adds up to about $15 million and roughly the same amount for the company's listed assets. The local construction company recently worked on renovations at the Steam Plant and projects in Kendall Yards.
Vendervert hired the local company Advanced Fire Systems, Inc. to install fire sprinklers at the College Avenue Apartments in Kendall Yards. They have been about 95 percent done with the job for a few weeks.
"On this job our initial bill was in December, but we haven't been paid anything on the project," said Advanced Fire Systems General Manager Richard Skelton.
Court documents said Vandervert owes Advanced Fire Systems about $40,000. While the general manager said the situation came as a surprise, he said there were some hints of trouble along the way.
"The communication, not responding to email or phone calls and always having something going on, that was a bit of a red flag to us," Skelton said.
Skelton said the $40,000 claim against Vandervert pays for materials, suppliers, covering employee labor costs and permit fees.
"We'd like to finish the project of course and get paid in some manner. But I guess I'm not holding my breath," Skelton explained.
HDG Architecture in Spokane has worked alongside Vandervert on projects like the Steam Plant. Its principal founder shared this response regarding Vandervert's financial situation saying, "I can only speak to how this has affected our clients and clearly it has been negative to these clients working with Vandervert. We are committed to helping them grasp the situation and keep their projects moving despite the hurdles."
KREM 2 has reached out to Vandervert for comment but, as of 5:15 p.m. Wednesday, we had not heard back.