The top executive of one of the state’s largest construction companies said today that the business is completely unaffected by the personal bankruptcy of its chairman.
Alan Bruce Kahn, who filed for bankruptcy Monday, has no ownership in either M.B. Kahn Construction Co. Inc. or the affiliated Kahn Development Co., said Bill Neely, president of M.B. Kahn.
“M.B. Kahn is as strong as it’s ever been,” Neely said. “We’re just working hard and doing the best we can.”
Kahn, 73, is chairman of M.B. Kahn and president of Kahn Development. Those companies are not named as debtors in his bankruptcy.
“Unfortunately, we do feel great amount of sadness for Alan,” Neely said earlier today. “He has some personal real estate holdings that are causing problems.”
Kahn said in a statement to the Associated Press on Tuesday that his financial issues were caused by the decline in property values in recent years. His decision to file for bankruptcy was made to ensure all creditors will be treated fairly, he said.
M.B. Kahn dates back to 1927, when it was started by Russian immigrant Myron B. Kahn. On its website, the company said it’s the 106th largest U.S. building firm that specializes in industrial, commercial and institutional construction. It has offices in Columbia, Greenville, Myrtle Beach, Charlotte, Atlanta, Richmond, Va., and Roanoke, Va.
M.B. Kahn is a well-known player in the Charleston building industry. It’s a primary contractor on the Buist Academy renovation and expansion project in downtown Charleston, and it’s also working on James Simons Elementary and Charleston Progressive Academy.
The company has built a number of other district schools, such as West Ashley High, Burke High and Stall High, as well as numerous large-scale projects at the Medical University of South Carolina.
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