CONSTRUCTION

Morrison Knudsen Bankruptcy Plan OKd: The Boise, Idaho-based company said it won court approval of its bankruptcy plan, giving it a green light to swap its burdensome debt for equity and merge with rival Washington Construction Group. Morrison Knudsen Corp., the 84-year-old construction company that built Hoover Dam and other projects, filed for bankruptcy in June, proposing to swap $360 million of debt for new equity and other assets in order to appease debt holders. Highland, Calif.-based Washington Construction, controlled by Montana entrepreneur Dennis Washington, has agreed to buy Morrison Knudsen for $380 million after the swap is completed. Judge Peter Walsh of U.S. Bankruptcy Court in Delaware approved Morrison Knudsen’s restructuring, which is designed to leave the company virtually debt-free.