Thalhimer construction arm MGT now in bankruptcy
RICHMOND, Va. — The construction arm of local real estate firm Thalhimer has been put into bankruptcy.
MGT Construction filed for Chapter 7 liquidation Thursday afternoon, according to a filing in Richmond federal court.
The filing comes as the company had been in the process of winding down, citing financial issues and claims of accounting irregularities at MGT that were alleged in a lawsuit filed last year by a former Thalhimer employee.
MGT is a wholly owned subsidiary of the broader Thalhimer firm, under which the Cushman & Wakefield | Thalhimer brokerage and Thalhimer Realty Partners development arms operate.
The Chapter 7 filing has limited details on MGT’s assets, liabilities and what’s owed to creditors, as is typical with many initial bankruptcy filings.