Arabtec Holding, a renowned Dubai contractor, has acknowledged the submission of the bankruptcy petition to the Dubai Court. The subsidiaries included in the petition are (1) Arabtec Construction LLC (2) Austrian Arabian Readymix Concrete Co. LLC (3) Arabtec Precast LLC and (4) Emirates Falcon Electromechanical Co.
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In the February hearing, the Hon’ble Bankruptcy Judge decided to appoint a 7-member expert panel to enquire into the bankruptcy report. Their duty will be restricted to the preparation of individual reports for the subsidiaries as well as a consolidated report on the holding company. They will also evaluate the financial position and the possibility of restructuring to save from bankruptcy.
The first meeting was conducted with the legal representatives of Arabtec Holding and the joining parties Global Advocacy & Legal Counsel. Since the decision with the experts was pending, the reports were not published.
The latest development is the addition of two more entities in the petition. They are (1) GSI Steel Construction Contracting LLC and (2) Gulf Steel Industries FZE.
Source: https://gulfbusiness.com/arabtec-confirms-filing-for-bankruptcy-in-dubai-court/
