PITTSBURGH A Virginia demolition company that recycled metal from dismantled bridges, barges and other large structures has filed for Chapter 7 liquidation in U.S. Bankruptcy Court in Virginia.
Virginia Beach-based Delta Demolition Group Inc. lists assets of less than $500,000 and liabilities of more than $1 million. A meeting of creditors is scheduled for April 22 in Norfolk, Va.
Company officers Krystal Chaklos and Lee Chaklos could not be reached for comment, and the companys phone has been disconnected.
Lee Chaklos made local headlines last year when he faced contempt charges after failing to fulfill a contract to raze the Bellaire Bridge in Bellaire, Ohio. Chaklos, who was operating the bridge investment under the name KDC Investments LLC, was unable to secure $500,000 to be placed in escrow until the job was completed to satisfaction. The case is still in litigation, according to documents filed in U.S. District Court in Ohio.
Lee Chaklos was accused of overinflating the value of the metal in the bridge, failing to disclose that he accepted $748,000 from investors in the project and that three liens totaling $2.1 million exist on the bridge.