Austria's Waagner-Biro begins restructuring after insolvency filing
The sub-contractor has worked on high-profile UAE projects such as Louvre Abu Dhabi
Waagner-Biro, the Austrian construction sub-contractor that has worked on high-profile UAE projects such as the domed roof of Louvre Abu Dhabi and Etihad Museum in Dubai, is restructuring after filing for insolvency this October.
Romana Weber-Wilfert, serving as the insolvency administrator of the company, announced earlier this month that 25 employees of Waagner-Biro AG, the non-operating holding firm of Waagner-Biro Group, would be transferred to operating subsidiaries, subject to their approval.
The operation of Waagner-Biro is closed, and “intensive discussions” were due to continue regarding the future of Waagner-Biro Bridge systems AG. The company’s Austria Stage Systems AG business will also be reorganised and continue to operate under entrepreneur Erhard Grossnigg.
In a statement on its website, Waagner-Biro adds: “Waagner-Biro Bridge Systems AG is still aiming for a continuation.”
Waagner-Biro’s decline follows the announcement on 23 October, 2018, that subsidiary SBE Alpha AG had “applied for insolvency proceedings”. At the time, the remainder of the group was said to be “in danger of insolvency”, with a company statement adding that “the aim is to enable the continued existence of individual parts of the company”.
The Austrian company features projects such as Capital Gate and New Deira Fish Market in its project portfolio, according to ProTenders.