Architect-engineer Page is buying the assets of bankrupt EYP Group Holdings, the companies announced. The $70.4-million acquisition substantially increases the size of Page, previously known as Page Southerland Page, adding EYP Group's 500 employees to the parent's 800.
Based in Washington, D.C.,Page submitted a successful bid for EYP Group's assets June 22 and opened a $50-million revolving line of credit from Bank of America to help finance the acquisition, bankruptcy court documents show.
总部位于纽约州奥尔巴尼市的EYP Group于4月份提起诉讼，以保护其在特拉华州联邦破产法院的债权人。这种做法是由前员工和经理卷入诉讼中的，他们要么拥有员工股权信托的股份，要么以代替股票而接受的票据。EYP Group在2011年由私募股权投资者于2011年提供的ESOP后不久，EYP遇到了财务问题。
大约在ESOP关闭后不久，该公司纠缠在纽约州的一个丑闻中，称为“布法罗十亿”。
前首席执行官和创始人EYP汤姆Birdsey成为阿宝tential witness in a contract-steering probe involving associates of former New York Gov. Andrew Cuomo and Alain Kaloyeros, former president of SUNY Polytechnic University.
Kaloyeros and other executives were convicted of wire fraud and are appealing to the US Supreme Court,最近同意听到此案。EYP Group并未被控犯有不当行为，在奥尔巴尼大学设计了一座新建筑，并在其中租用了空间。
EYP Group共同欠111个票据持有人，其中包括许多前经理和持有股票或接受期票的员工。
According to Page CEO Thomas McCarthy, EYP staff and retirees "do get cash" from the acquisition although they must individually settle their claims with the bankruptcy court judge.
An attorney for the former staff and retirees could not immediately be reached for comment.
With a website that currently lists over 100 open positions at the firm, Page now sees even more opportunities at the company.
"We’re bringing the most compelling, innovative designs and expertise to each project we pursue regardless of scope or location, and we’ll be able to invest in research and thought leadership to co-create with our clients,” said McCarthy, in a statement.
