Bankrupt construction startup Katerra sued by former employees

Three former Katerra employees are suing the company for not giving them enough notice before being laid off, according to a new report by The Real Deal. On June 6, after announcing an end to U.S. operations and mass layoffs, the Softbank-backed construction startup filed for Chapter 11 protection in the U.S. Bankruptcy Court for … Read more

Construction startup Katerra files for bankruptcy

The company blamed its financial position on the effects of the COVID-19 pandemic, difficulty securing funding for new construction and “unsuccessful attempts to secure additional capital and business.” Katerra filed for bankruptcy protection Sunday as it moves to shut down most of its U.S. operations and shift its focus to international business. The once-promising Silicon … Read more

SoftBank-backed construction startup shutters US operations

Following a final $200 million investment from SoftBank, Katerra is closing after years of financial mismanagement and rising construction costs. After six years and more than $2 billion in funding, multifamily construction company Katerra is shutting down its U.S. operations. First reported by The Information on Tuesday, the SoftBank-backed company long struggled with financial management, which was … Read more

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