Italy-headquartered Astaldi Construction Corp. has “voluntarily” defaulted on two Florida Department of Transportation (FDOT) projects. Sureties are working to arrange replacement contractors and to pay subtrades.
The defaulted projects include a $108.3 million contract for a 3.5 mile stretch of the $1.6 billion Wekiva Parkway near Orlando. The Section 7A contract included numerous bridges, roundabouts and an elevated parkway. A second defaulted contract related to widening and resurfacing an Orange County section of S.R. 528 (Beachline).
The four sureties are American Home Assurance Co.; Zurich American Insurance Co.; Fidelity and Deposit Co. of Maryland; and Liberty Mutual Insurance Co.
“FDOT is working with the sureties to make sure the most qualified contractors take over the projects as soon as possible,” the agency said in a statement. “That process has already started. Both FDOT and the sureties are committed to ensuring there is little to no impact on the projects to get them completed by the respective deadlines.”
FDOT says the surety will be requesting bids from firms that submitted bids for the Wekiva contract in 2017. These companies include Superior Construction Co. Southeast, Lane Construction Corp., Saccyr Construccion SA, SEMA Construction and Prince Contracting, among others.
Seeking Alpha has reported that Astaldi filed for creditor protection in Italy last October, citing financial woes related to a project in Turkey, among other issues.