Nearly a year after a Cowboys practice facility manufactured by Summit Structures collapsed during a North Texas thunderstorm, the company that owns Summit Structures has simulated the demise of the building made for Jerry Jones.
According to the Saskatoon Starphoenix (yes, the Saskatoon Starphoenix), Cover-All Building Systems Inc. obtained protection from its creditors through the “Court of Queen’s Bench” in Alberta, stopping production and laying off “hundreds” of workers.
The move appears to be a reorganization and not a liquidation, despite the dismissal of 483 employees. As of January 30, Cover-All Group had $141 million in assets and cash, and owed $96 million.
Presumably, Summit Structures will make a similar filing in U.S. bankruptcy court. At that point, all litigation arising from the collapse of the Cowboys’ facility will be automatically stayed.
