Nordby emerges from bankruptcy, leaves construction company

<p>Nordby Construction CEO Wendell “Del” Nordby III has left the company after emerging from personal bankruptcy this spring.</p><p>Nordby Construction said his financial problems didn't affect the company, one of the North Bay's largest builders.</p><p>“Like everyone in our industry, we've been affected by the current depressed economy,” said Craig Nordby, Del Nordby's brother and the company's current president and CEO. “However, I have to say that today we're a better company as a consequence of meeting these challenges.”</p><p>Del Nordby, co-owner since 2006, left to pursue other interests, the company said. “We'll deeply miss his contributions and experience,” Craig Nordby said.</p><p>Del Nordby couldn't be reached for comment Tuesday.</p><p>Del and Craig Nordby took over the business from their father, Wendell Nordby, who founded it in 1978. Nordby Construction has about 60 employees and $50 million in annual sales.</p><p>Nordby was the fifth largest Sonoma County construction firm in a Press Democrat survey in 2007. The Santa Rosa-based company does custom residential and large commercial projects, including wineries, public buildings, retail centers, apartments and offices.</p><p>One of its subsidiaries, Nordby Wine Caves, has built 30 caves for wineries in Sonoma and Napa counties.</p><p>In February, Del Nordby filed for personal bankruptcy, listing $52.5 million in debts and $1.6 million in assets.</p><p>He blamed a 50 percent drop in Nordby Construction's business and the value of his other development projects.</p><p>Nordby Construction did not file for bankruptcy protection. Del Nordby's personal real estate projects aren't connected to the company, it said.</p><p>The majority of Del Nordby's debts stem from personal guarantees he made to cover loans on Nordby Construction projects or his other real estate developments.</p><p>In March, Del Nordby's creditors approved his Chapter 11 repayment plan, which was confirmed in April by U.S. Bankruptcy Court Judge Alan Jaroslovsky.</p><p>Under the plan, unsecured creditors could get up to 30 percent of their allowed claims, according to court filings. They'd get about 15 percent if the case were converted to Chapter 7 liquidation.</p>