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EPIC Companies files for bankruptcy, declaring assets & liabilities up to $50M
By Kyara Brown,
2024-07-09
NORTH DAKOTA ( KXNET ) — One of the largest real estate and investing firms in North Dakota has now filed for bankruptcy.
According to court documents, EPIC Companies filed for Chapter 11 on Monday, declaring assets and liabilities between $10 and $50 million.
In addition, the company owes money to up to 99 creditors.
This comes after employees of EPIC were reportedly laid off or fired, and the company’s ‘in progress’ projects came to a halt in May.
At that time, EPIC employees stopped answering phone calls, locked the West Fargo headquarters’ doors, and put up a sign reading they were taking appointments only.
The Norsk Høstfest board also announced they were moving forward with their festival without EPIC, who was previously managing it.
The bankruptcy petition lists several companies EPIC owes money to, along with individual investors, from more than 10 states.
According to U.S. Courts, Chapter 11 of the bankruptcy code generally provides reorganization, which allows a company to keep its business alive and pay creditors over time.
One of the largest companies listed is the Twin Cities-based landscaping company, Otten Brothers. The company says it’s owed more than $1 million by EPIC.
There were five cases filed with the bankruptcy court. Some names included employees and contractors who say they were never paid for work they already completed.
Some entities previously owned or managed by EPIC have now been taken over by other companies.
One of those in Minot is the Blu on Broadway, a five-story mixed-use development that includes commercial space and apartments. Creative Property Management, based in Minot, has since sent a letter to the building’s residents saying they have now taken over management responsibilities from EPIC.
In June, Attorney General Drew Wrigley said EPIC was under investigation.
According to the bankruptcy court caseworker, EPIC has an initial hearing for first motion and joint administration for these cases scheduled for July 16 in Fargo.
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