Maine construction firm emerges from bankruptcy

Posted May 19, 2011, at 3:49 p.m.

PORTLAND, Maine — A local construction company is emerging from bankruptcy.

A bankruptcy judge on Thursday approved the reorganization plan of Maietta Construction Inc., allowing the South Portland company to emerge from Chapter 11 bankruptcy protection.

According to the Portland Press Herald, the company says the plan has been approved by creditors and allows the company to cut a substantial portion of its debt.

The bankruptcy became an issue in last week’s special election for a vacant state Senate seat. During the campaign, it was revealed that the IRS had placed liens on property owned by Louis Maietta, one of the company owners and the Republican candidate for the seat, for unpaid payroll taxes.

Maietta lost to Democrat Cynthia Dill in the election.