Interstate Plumbing & Air Conditioning LLC, a big multistate contractor based in Las Vegas, has suspended some operations because of financial problems.
G2 Capital Advisors LLC, a national restructuring, merger and acquisition adviser, has been working with Interstate and announced the suspension of what appeared to be most operations today.
Steve Stern, a spokesman for G2, said most of the company’s approximately 300 employees have been sent home but haven’t officially been laid off.
G2 said in a statement today it has been in negotiations with bankers about Interstate Plumbing.
"However, because of the deteriorating national economy, G2 has been unable to reach an agreement to extend operational funding," a G2 statement said.
“We feel compelled to suspend operations of Interstate Plumbing & Air Conditioning to minimize the potential exposure to our valued customers and suppliers," G2’s statement said.
The company provides plumbing and HVAC installation for new homes and commercial buildings and has been hurt by the slowdown in the construction industry.
It’s licensed in Nevada, Arizona, California and Utah.
At the Nevada State Contractors Board, Interstate has a license with an unlimited monetary limit listing the managing member as Alan Carducci.
In 2010, the company, Carducci and other executives were hit with a proposed class-action lawsuit in federal court in Las Vegas claiming Interstate failed to pay certain employees all the wages and overtime they were due under a system in which HVAC installers were paid on a "piecework no overtime system."
The suit also claimed the company had hired and "exploited" numerous documented and undocumented laborers.
Attorneys for Interstate Plumbing denied those allegations and the lawsuit is pending.