As declared at last Tuesdayâs press conference, STRABAG Bauholding from Vienna will take over parts of the insolvent Walter Bau AGâs Dywidag. The construction firm from Augsburg had to declare for insolvency in January, after the rescue plan under the approval of the involved banks had failed.
The insolvency administrator Werner Schneider announced that three interested parties have come forward amongst which Ed. ZÃ¼blin AG. Schneider is counting on an opening of the bankrupcy procedure on April 1 for Walter Bau AG.
The already found solution foresees in the take over of approx. 4,100 employees of the previous Walte Bau concern in the newly established Dywidag Holding GmbH. This holding company forms a platform for four strategic core companies: Dywidag International GmbH (DIG), the Austrian Dyckerhoff & Widmann Ges. m.b.H, the Walter Heilit Verkehrswegebau GmbH as well as the newly established Dywidag SF- und Ing.-Bau GmbH. In this last company also all profitable construction sites of Walter Bau are supposed to be continued, according to Schneider.
The DSI-Dywidag Systems is not part of the transaction. This independent subsidiary is not included in the insolvency. For this subsidiary a buyer should be found via an international bidding procedure. In this procedure an investment bank is supposed to be delegated, Schneider announced.
Source: Immobilien Manager