EMCC European Monitoring Centre on Change

Walter Bau

Company/Organisation:
Walter Bau

Geographic Location

Country: Germany

Company

Sector: Construction
Construction
42 - Civil engineering
Number Employed: 9830

Employment Effects

Announcement Date: 01-02-2005
Planned Job Reductions min: 4000
Planned Job Reductions max: 4000
Type of Restructuring: Bankruptcy/Closure
Employment Effect Start: 01-02-2005

Additional Information

Walter Bau, Germany's third biggest construction company, said it was filing for insolvency after failing to agree with its creditors on future financing. In March 2005, over 4,000 jobs have been lost at insolvent company Walter Bau, according to Werner Schneider, the insolvency administrator. A total of 9,830 staff had been employed at the company when it applied for the opening of insolvency proceedings on 1 February 2005; by the time insolvency proceedings are commenced, which is expected to take place on April 2005, only 5,770 staff will remain.