Bankruptcy and Contractors and Environmental Contractors and Energy & Environment and Environment

Local environmental contractor declares bankruptcy

October 8, 2010

One of the Indianapolis area’s largest environmental contractors has declared bankruptcy.

ESI Environmental Inc., 5232 W. 79th St., filed for Chapter 7 liquidation in U.S. Bankruptcy Court on Oct. 1.

The firm listed assets of $41,466 and liabilities of nearly $35.3 million. The largest secured creditor, Churchill Capital Inc. in Minneapolis, is owed $16.2 million on a temporary bridge loan it provided to ESI.

Founded in 1992, ESI ranked as the area’s second-largest environmental contractor based on revenue, according to the most recent IBJ statistics. It listed revenue of $16 million in 2009, down from $23 million the previous year.

Employee headcount also dropped during the period, from 103 in 2008 to 68 last year.

ESI specialized in the treatment of non-hazardous wastewater, oil recovery and recycling, industrial cleaning, lab packing and environmental demolition.

Phone calls to ESI's office were not answered Friday morning. A message left on the home answering machine ESI President and CEO Tom Gawlik was not returned. The lawyer who filed ESI's bankruptcy papers didn’t return a phone call left Friday morning.
 

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