Only on 10: Cardi Corporation acknowledges financial difficulties

CRANSTON, R.I. (WJAR) — After weeks of speculation, Cardi Corporation, one of the biggest players in Rhode Island road work, says it is having financial difficulties. But the company insists it will finish all of its projects, including the Route 37 overhaul in Cranston.

Cardi's lawyer confirmed that a series of claims filed by its bonding company identifying assets it considers seizable collateral if need be, and says that same bonding company has loaned Cardi money to keep going.

Despite hitting a rough patch, Cardi said it will deliver on tens of millions of dollars in current contracts and that it intends to bid on new ones in Rhode Island and other states.

State transportation Director Peter Alviti addressed it on WPRO radio.

“We have been assured by them that all the projects that they're working on, they're continuing to work on them. They're making progress on all of the projects they currently have with us. And they're doing a good job, so, that's the important thing for us, and we've been assured that those projects will continue and be brought to a successful completion."

In a statement, Cardi said that while working on more than 50 projects right now, it has "nevertheless encountered cash flow issues as a result of design problems, work delays and resequencing on some of our projects, but we are working through those difficulties with the assistance and support of our surety."

"We have reorganized portions of our business in order to make our operations more efficient, and we are confident that our company will be stronger, going forward as a result," the company said.

The DOT in a statement said it will continue to monitor the projects to assure Cardi is performing in accordance with all contract agreements.

The company also has projects with several cities and towns, not just the state.