West Des Moines builder declares bankruptcy
John Vratsinas Commercial Builders Inc. filed for Chapter 11 bankruptcy protection today, citing $13 million in assets and $9.9 million in debts.
The company was founded in 2000 and is commonly known as JVC Builders, a name that was dropped last month, according to a filing with the Iowa secretary of state.
Under Chapter 11, the company can continue to operate while the bankruptcy court oversees payment of its debts. Company officials could not be reached for comment.
The company is based in West Des Moines and has offices in California and Arizona.
Its clients have included General Growth Properties Inc., developers of Jordan Creek Town Center, Dick’s Sporting Goods Inc. and Circuit City Stores Inc, which filed for Chapter 11 protection last year.
According to the bankruptcy filing, John Vratsinas Commercial Builders had $38.2 million in gross revenues through Nov. 30. The company is showing slightly more than $11 million in accounts receivable on its books.