ROYAL IMTECH Amsterdam (the Netherlands), 13 August 2015 - Today the suspension of payments ('surseance van betaling') of Royal Imtech N.V. is converted into bankruptcy ('faillissement') at the District Court Rotterdam. Paul Peters and Jeroen Princen, the current administrators, have been appointed as trustees.
Immediately after the bankruptcy had been declared, the two divisions Imtech Marine and Imtech Nordic were sold. To this end the financiers established a new limited liability entity. Imtech Nordic will for now remain in the newly established entity and Imtech Marine will be transferred to the new owners Pon Holdings and Parcom Capital.
This sale gives the two divisions immediate access to working capital guaranteeing the continuity of the operations. These transactions secure the employment of 7,300 Imtech employees of which around 1,300 employees in the Netherlands. The trustees are aiming to reach the same continuity for the other divisions that are not subject to creditor protection. Trustees are currently in discussions with potential buyers for the divisions and/or parts of Traffic & Infra, Imtech Spain, Imtech Belgium and Imtech UK / Ireland. In addition they have received expressions of interest in Dutch part of the business.
Jeroen Princen, trustee of Royal Imtech N.V. said: "Taking into account the complexity of the situation we are pleased with the progress booked so soon after the suspension of payments. The banks, as material owners of the Imtech divisions, have been able to reach unconditional agreement for the divestment of two divisions. We believe that in light of the circumstances and required urgency this step is beneficial to all stakeholders, including clients, suppliers and employees of the respective Imtech divisions."
Further information will be provide as soon as this is deemed appropriate.
Media contact details:
Citigate First Financial
Frank Jansen / Suzanne Bakker
T. +31 (0)20 575 4010
E. frank.jansen@citigateff.nl / suzanne.bakker@citigateff.nl
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