Business

Bellingham homebuilder's collapse leaves millions in debts

The collapse of Bellingham homebuilder Apex Construction & Partners Inc. has left behind millions of dollars in unpaid bills and about 20 lawsuits, as materials suppliers, subcontractors and homeowners struggle to sort out who owes what to whom.

In personal bankruptcy filings in U.S. Bankruptcy Court in Seattle, Apex President Thomas Novak reports debts of $5.3 million owed to more than 100 creditors. That includes dozens of firms in construction-related businesses as well as several banks. Close to $5 million of the debt is unsecured. His assets are estimated at less than $500,000.

His son Michael Novak, Apex vice president, lists $7.9 million in debts and $2.1 million in assets. Nearly all of the debts related to Apex appear to be listed as personal liabilities on both father and son's personal bankruptcy filings.

Read the complete story at bellinghamherald.com

  Comments