Waagner-Biro restructuring under way
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 that 25 employees of WaagnerBiro AG, the non-operating holding firm of WaagnerBiro 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 continue to operate under entrepreneur Erhard Grossnigg. In a statement, Waagner-Biro added: “Waagner-Biro Bridge Systems AG is still aiming for a continuation.”
The company has worked on projects such as Capital Gate and New Deira Fish Market, according to ProTenders.