This article is the first in a three-part series from Dave Hettinger, senior manager at LitCon Group. Stay tuned for his follow-up pieces.
Not Surprisingly, Problem Projects Cause Problems
Bankruptcy, restructuring, plagued by cost overruns and delays, prompted by troubled projects, dispute avoidance and resolution strategies, and move away from megaprojects: Those were just a few terms and phrases plucked from a recent Construction Dive article titled, “The public construction firms to watch in 2020.” The takeaway: problem projects cause problems.
The article wasn’t all doom and gloom though. It also mentioned $100 billion backlog, falling interest rates, and a more relaxed regulatory environment, among other optimistic, forward-looking statements. But in this series, we’re going to focus on problem projects (i.e., the gloom), and the unique opportunity they present. Don’t worry, it ends well.
Problem Projects Present Tremendous Opportunity:
Not surprisingly, in a project-based industry, problem projects are typically responsible for contractor bankruptcies, major write-downs, and decisions to de-risk. Yet, we don’t always like to talk about them. In fact, those involved are often eager to turn the page.
That said, problem projects present a tremendous opportunity for all parties involved…