Waag­ner-Biro re­struc­tur­ing un­der way

Construction Week - - FINANCE -

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.

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