Arabtec

Old Sep 30th 2020, 12:39 pm
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Default Arabtec

So then... who here (does or shall I say, no longer) works for Arabtec?


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Old Sep 30th 2020, 12:58 pm
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Default Re: Arabtec

Originally Posted by Millhouse View Post
So then... who here (does or shall I say, no longer) works for Arabtec?
This is an interesting one - are the powers that be still the major shareholders in Arabtec?
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Old Sep 30th 2020, 12:59 pm
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Default Re: Arabtec

Originally Posted by weasel decentral View Post
This is an interesting one - are the powers that be still the major shareholders in Arabtec?
No idea, but today (if what I've seen is correct) they voted to liquidate it.


now in meedia: https://www.meed.com/shareholders-vo...uidate-arabtec [see what I did there]

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Old Oct 1st 2020, 5:22 am
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Default Re: Arabtec

Nope but know a few there.

Don't know enough about it all but I'm sure their supply chain will just get ****ed in this, so we could expect to see a few more casualties to follow?

I wonder where you even begin with liquidating a business like that.
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Old Oct 1st 2020, 5:47 am
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Default Re: Arabtec

Originally Posted by Scamp View Post
Nope but know a few there.

Don't know enough about it all but I'm sure their supply chain will just get ****ed in this, so we could expect to see a few more casualties to follow?

I wonder where you even begin with liquidating a business like that.
I worked on the liquidation of a company called TXU. It was a copy-paste of Enron in terms on complexity, business model and size. I left after three years and we still had not finished. The complexity comes from intragroup transactions, ie if they own stakes in their subcontractors - which they probably do here.

everyone will lose apart from the government who will buy up the scraps for nothing.

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Old Oct 1st 2020, 6:03 am
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Default Re: Arabtec

Originally Posted by Millhouse View Post
I worked on the liquidation of a company called TXU. It was a copy-paste of Enron in terms on complexity, business model and size. I left after three years and we still had not finished. The complexity comes from intragroup transactions, ie if they own stakes in their subcontractors - which they probably do here.

everyone will lose apart from the government who will buy up the scraps for nothing.
Worse than that they are also in a lot of JV contracts, so that has to be figured out. Especially if they were fully integrated JVs. I doubt anyone has being supplying to them for a long time on anything other than a cash basis - historic debts I'm sure are unrecoverable.

One good thing is that they have been allowed to close, not to be another zombie building company completely ****ing the market with low tender rates for viable construction companies.
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Old Oct 1st 2020, 6:19 am
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Default Re: Arabtec

Originally Posted by weasel decentral View Post
Worse than that they are also in a lot of JV contracts, so that has to be figured out. Especially if they were fully integrated JVs. I doubt anyone has being supplying to them for a long time on anything other than a cash basis - historic debts I'm sure are unrecoverable.

One good thing is that they have been allowed to close, not to be another zombie building company completely ****ing the market with low tender rates for viable construction companies.
It got to the point with the one I worked on that we were going to just donate the left overs to charity. It was not cost effective to calculate it and allocate it to everyone that was owed something. Can’t see that happening here



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Old Oct 1st 2020, 6:42 am
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Default Re: Arabtec

Originally Posted by Millhouse View Post
It got to the point with the one I worked on that we were going to just donate the left overs to charity. It was not cost effective to calculate it and allocate it to everyone that was owed something. Can’t see that happening here
You mean, there was such little value left for your fees to be paid for out of the remaining stuff?
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Old Oct 1st 2020, 6:42 am
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Default Re: Arabtec

Originally Posted by weasel decentral View Post
One good thing is that they have been allowed to close, not to be another zombie building company completely ****ing the market with low tender rates for viable construction companies.
There's been a less than conspicuous exit of a good number of decent partners in recent years.

What's left, on the whole - couldn't deliver a letter, let alone a project.
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Old Oct 1st 2020, 7:45 am
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Default Re: Arabtec

Originally Posted by Scamp View Post
There's been a less than conspicuous exit of a good number of decent partners in recent years.

What's left, on the whole - couldn't deliver a letter, let alone a project.
If you keep the race to the bottom going long enough, eventually you reach the bottom. ME tendering became a pyramid scheme where the advance payment on each new project was used to prop up the losses on the previous project.
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Old Oct 1st 2020, 8:19 am
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Default Re: Arabtec

Originally Posted by weasel decentral View Post
If you keep the race to the bottom going long enough, eventually you reach the bottom. ME tendering became a pyramid scheme where the advance payment on each new project was used to prop up the losses on the previous project.
It's not that different in the UK for a lot of the contractors to be fair.

It's just moving cash and hoping for the best. I'm always staggered at the margins some will be happy to bid and work at, whilst also carrying ALL the risk. Mind blowing.
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Old Oct 1st 2020, 8:21 am
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Default Re: Arabtec

Originally Posted by Scamp View Post
You mean, there was such little value left for your fees to be paid for out of the remaining stuff?
Pretty much. The liquidator is always paid first.
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Old Oct 1st 2020, 8:35 am
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Default Re: Arabtec

At least they paid the salaries before they bumped themselves . Was on the cards for 18 months . Crap outfit and worse to work for .
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