It operated as a publicly owned company from the 1920s to 1985, when, as Great Lakes International Inc., it dropped its initial resistance and agreed to be acquired by Itel for $170 million.Īt the time of the acquisition, Itel was only two years out of Chapter 11 bankruptcy proceedings and had recently come under the control of Zell. Its origins date to 1890 and a partnership then known as Lydon & Drews. Great Lakes is the nation`s largest dredging and marine contractor, with 1991 revenues of $206.8 million. He said he didn`t foresee problems for the company from its banks or bonding companies.īonding companies, which typically are large insurance firms, provide the bid and job-completion guarantees that are essential for large contractors. Barlow said the meeting`s purpose was informational. In a meeting Monday with the Tribune`s editorial board, Great Lakes President Witt Barlow said that to date the only other impact on the firm from the controversy has been the suspension of a $30 million contract with the city for a breakwater repair on 79th Street.Ī meeting was held Monday between representatives of the company and Continental Bank Corp., which led the bank group that financed the company`s acquisition last October and provided a $45 million revolving credit facility. By going public, it hoped to raise about $35.9 million to reduce bank debt. Itel was not named in any of the suits.Īs a result of the flood controversy, Great Lakes has put on hold a planned initial public offering of 49.8 percent of its stock. The City of Chicago also was named as a defendant in the three suits, and the Metropolitan Water Reclamation District was named a defendant in one of the actions.
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