Melchiori Construction Co. filed for Chapter 7 bankruptcy Tuesday, just moments before a court hearing in a lawsuit filed by a local bank that claims the beleaguered contractor owes it millions of dollars.
Papers signed by company president Mark Melchiori were filed in the U.S. Bankruptcy Court in Santa Barbara at 9:02 a.m.
The documents listed assets of $50,000 or less, and debts between $1 million and $10 million.
Among the creditors listed was Santa Barbara Bank & Trust, which was schedule for a hearing Tuesday morning in Santa Barbara County Superior Court in its lawsuit against Melchiori.
Melchiori Construction has faced a string of financial and business challenges in recent years, including lawsuits filed by subcontractors and other creditors.
Company officials could not immediately be reached for comment.
Check back with Noozhawk later today for a fuller story.