Arabtec, Dubai-based construction major, hired de Novo Corporate Advisors and Lumina Capital Advisers to secure maximum value for subsidiaries including Target Engineering and Arabtec Engineering Services (AES). The company assured the creditors that they would try their level best to protect the value of the liquidation assets. The company is ready to implement all possible routes including auction sales.
Arabtec also announced that if sale be needed of the subsidiaries it will be pertaining to the approvals applicable by UAE law. It was on December 17, the company announced that it and some of its subsidiaries had filed for insolvent liquidation. The insolvent liquidation was filed after a net loss of $216 million for the first six months of the year. The Arabtec liquidation impact is expected to send negative waves throughout the industry and not just the directly involved parties. After Initial announcement of the liquidation of Arabtec, the trading of its shares at Dubai Financial Market has been suspended.
Related Services: General Corporate and Commercial Advisory, Insolvency and Aml Compliance, UAE Compliance Advisory
Read more from https://www.arabianbusiness.com/construction/457238-dubais-troubled-arabtec-hires-advisors-as-it-seeks-to-sell-subsidiaries
Part of ATB Legal’s Corporate & Commercial practice.