Dubai – Mubasher: Arabtec Holding has submitted a bankruptcy petition to the Dubai Court, alongside its subsidiaries comprising Arabtec Construction, Austrian Arabian Readymix Concrete Co, Arabtec Precast, and Emirates Falcon Electromechanical Co.
This announcement was made in a bourse filing on Sunday to provide an update about the recent procedures taken in relation to the bankruptcy and liquidation application for Arabtec and certain subsidiaries.
On 18 February 2021, the bankruptcy judge decided to appoint seven experts to look into the bankruptcy application and prepare separate reports for each of the subsidiaries and a consolidated report on the holding company.
The experts will also evaluate the company's financial position, whether it is in considered indebted, and the possibility of restructuring.
Meanwhile, another application was submitted on 1 March 2021 to the Dubai Court to join additional two entities working under the umbrella of the holding company: GSI Steel Construction Contracting and Gulf Steel Industries.
It is noteworthy to mention that in December 2020, Arabtec and some of its subsidiaries have filed for insolvent liquidation in accordance with the shareholders’ resolutions on 30 September 2020 and the board’s decision on 30 November.