Dubai – Mubasher: Arabtec Holding announced that it will file for bankruptcy and liquidation “at the earliest opportunity” following a two-month period of discussions with key stakeholders.
The decision was made after a shareholder meeting, held on Monday, “concluded that it is no longer tenable for the company to continue operating outside of a formal insolvency process and that it is in the best interests of the company’s stakeholders that the company be placed into an insolvent liquidation”, according to a statement.
Dubai’s construction giant will also ask the component courts to place Arabtec Construction LLC, Arabtec Constructions LLC, Austrian Arabian Readymix Concrete Co LLC and Arabtec Precast into insolvent liquidation simultaneously.
No application will be made to the courts in respect of any of the company’s other subsidiaries, the company said.
On 1 October, the company announced that its shareholders have voted for the company's non-continuity and dissolution due to its unstable financial conditions, but then it asked shareholders to consider the cancellation of the decision.