The headline Speyside files for chapter 11 echoed through New York’s construction and materials sector Friday as Speyside Holdings LLC sought bankruptcy protection, listing more than $32 million in liabilities against less than $1.3 million in assets.
The filing, lodged in federal bankruptcy court, signals a pivotal moment for the sand and stone supplier whose materials underpin projects across New York City and its surrounding communities.
Debt Towers Over Assets
In its voluntary petition, Speyside said it operates under the name Speyside Sand & Stone and entered Chapter 11 alongside six related entities. The company reported more than $32.2 million in total debt and just under $1.3 million in assets.
Despite the imbalance — a financial scale tipped heavily to one side — Speyside indicated it expects funds will remain available to pay unsecured creditors after administrative costs of the bankruptcy process are satisfied.
That projection offers a glimmer of relief for creditors watching closely as the restructuring unfolds.
