Firm seeks Chapter 11 reorganization

Payton Construction Corp. said today it has filed a voluntary petition to reorganize under Chapter 11 bankruptcy protection.

"We are going to come out of this a stronger, focused firm, providing our clients with the same construction service, quality, and integrity we always have," William B. Payton, president of the Boston firm, said in a statement.

Payton said he made the decision to file for reorganization to allow the company to "address the liquidity issues arising out of its recent diversification into the housing sector while returning to its historical role as a construction manager for commercial and office projects throughout Eastern Massachusetts."

The company said it filed its petition in US Bankruptcy Court for the District of Massachusetts in Boston.

A Globe story in January 2006 noted that Payton had been selected as the builder for the planned Renaissance Boston Waterfront Hotel in South Boston.
(Chris Reidy, Globe staff)