DUBAI (Reuters) – Dubai builder Arabtec Holding said on Monday it will go ahead with its earlier plan to file for bankruptcy and liquidation after shareholders did not agree for the company to continue its existing business and seek restructuring.
The statement came after a shareholder meeting earlier on Monday discussed a proposal from a group of investors to reverse a decision made in September to file for liquidation.
The board has concluded that it is no longer tenable for the company to continue operating outside of a formal insolvency process, Arabtec said in an email.
… it is in the best interests of the companys stakeholders that the company be placed into an insolvent liquidation (subject to court approv…
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