A bankruptcy judge has approved the reorganization plan of Maietta Construction and cleared the South Portland company to emerge from Chapter 11 bankruptcy protection.
The company filed for bankruptcy last summer, The reorganization plan was approved by a majority of the company’s creditors and post-bankruptcy financing has been obtained, the company said today.
The reorganization allows the company to cut a substantial portion of debt from its balance sheets, said Vincent Maietta, the president of the company.
The bankruptcy became an issue in the special election for the District 7 state Senate race when it was revealed that the Internal Revenue Service had liens on property owned by Louis Maietta, one of the owners of the company, for unpaid payroll taxes.
Maietta was the Republican candidate for the Senate seat. He lost last week to Cynthia Dill, a Democrat who had been state representative for Cape Elizabeth, which is part of the district along with South Portland and a section of eastern Scarborough.
An agreement for a reduced payment of the payroll taxes was part of the bankruptcy plan, a lawyer for the company said.
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