Katerra seeks court approval to sell Lord Aeck Sargent business

By Sarah Lizee

Olympia, Wash., June 17 – Katerra, Inc. is seeking court approval of the private sale of its Lord Aeck Sargent business, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The purchaser is Lord, Aeck Sargent Planning & Design, Inc., an entity formed by some employees, managers and former owners of the Lord Aeck Sargent business.

The purchase price will be about $2 million to $5 million, comprising about $1.7 million of cash and about $1.5 million to $3 million of assumed liabilities.

Katerra said it will also avoid exposure to about $3 million of contractual liabilities as part of the purchaser’s assumption of ongoing projects, plus additional claims from other parties participating in the Lord Aeck Sargent business projects.

Katerra is a technology-enabled construction company based in Menlo Park, Calif. The company filed bankruptcy on June 6 under Chapter 11 case number 21-31861.

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