Patriot Building Co. Inc., a Hillsborough, North Carolina-based commercial builder, has filed for Chapter 7 bankruptcy bankruptcy, citing $1.3 million in liabilities. It reports $122,000 in assets and approximately $1,293,000 in debts owed to BB&T Bank, the IRS, various vendors and unsecured lenders. The 34-year-old company had reportedly been experiencing slow business during this weak construction market.

Patriot included among its clients churches, retail stores and other commercial buildings, including UNC’s Kenan Memorial Football Stadium and field hockey stadium. The company website shows construction of the Orange County Farm Bureau’s administrative building as well as the renovation of an old mill into new space for the Weaver Street Market.

A number of formerly successful Triangle-area businesses have filed for both Chapter 7 and Chapter 11 bankruptcy during the last year, reports Chris Bagley for The Triangle Business Journal. “Businesses reported a total of more than $400 million in liabilities on bankruptcy filings in Durham, Raleigh and Wilson [North Carolina] between October 1 and March 31, 2011, according to a Triangle Business Journal analysis.

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