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Lamar President/CEO Grilled by Creditors in Bankruptcy Court Hearing

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GRAND RAPIDS, MI (WHTC) - The President and CEO of Lamar Construction answered questions from creditors for about two hours before a US Bankruptcy Judge in Grand Rapids yesterday. Carl Blauwkamp explained why the 76-year-old company founded in Holland and based in Hudsonville had to abruptly cease operations and file for Chapter 7 bankruptcy liquidation last month, idling nearly 300 employees and halting numerous unfinished projects. He took the Fifth Amendment in not answering some queries, as Lamar had debts of nearly 38 million with assets of around 25 million when a bank line of credit was pulled, leading to the shutdown. The testimony will be used by the court as a factor in determining how creditors will be paid during the liquidation proceedings.

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