A petition for the winding up of one of the Island’s largest air conditioning and mechanical companies, GSC Ltd, has been filed in Supreme Court; a sign that the recession is continuing to hammer the construction industry.The petition was presented by GSC creditor Keen Ltd, a major highlift rental and electrical services company.A GSC spokesman told The Royal Gazette that the firm hopes to resolve and work through the matter.“The Board of GSC is committed to working through this challenge,” he said. “As the matter is before the Courts we do not wish to comment regarding the circumstances that got us to this point. We recognise that this is a challenging business environment where cash and credit are scarce yet critical commodities to every operation. We look forward to a mutually beneficial conclusion to this matter.”The winding-up petition is due to be heard on June 28 in Supreme Court when other other creditors may come forward.Keen is represented in the legal action by Smith & Co and official Mike Zimmerman could not be reached for comment on the writ or amount the company is owed.GSC Ltd is part of the GSC Group, which also includes GSC Cahill Ltd and GSC Engineering Services.The air conditioning/maintenance industry has become increasingly competitve in Bermuda.The Ascendant Group subsidiary inVenture took over Air Care last year. At the time competitor Bermuda Air Conditioning (BAC) expressed concern over the acquisition as Ascendant is the parent of Belco.However, GSC president Alexander (Jerry) Ming did not have a problem with the deal, saying: “From our standpoint it certainly presents competition for us and we welcome that and certainly wish them well.” Though he predicted it would be three to five years before the Island’s construction industry saw any type of growth.At the time GSC employed more than 60 staff, while Air Care employed around 65 staff.