After decades of building a solid presence in South Florida, Compac USA Inc., a longstanding name in architectural stone surface construction, has filed for Chapter 11 bankruptcy. The filing, submitted on December 21, reveals a story of legal battles, financial strain, and the company’s determination to move forward.
At its heart, this Miami-based company, known for operating as Compacstone USA Inc., has been a trusted player in the construction industry for over 20 years. But even seasoned businesses face challenges, and for Compac USA, it came in the form of lawsuits. The company is currently entangled in 53 legal cases in California, all alleging silica dust exposure that led to silicosis. These cases, involving 90 plaintiffs, claim negligence and failure to warn—a hefty burden for any business to shoulder.
The Numbers Behind the Filing
According to its bankruptcy petition, Compac USA is navigating through debts and assets valued at up to $10 million. President Francisco A. Sanchis-Brines, who filed the petition in Miami’s U.S. Bankruptcy Court, shared that most of the company’s debt is unsecured, except for a leased Toyota forklift.