Less than a week after Imtech Germany filed for insolvency in the German court, Royal Imtech has now announced it has filed a request to be granted a suspension of payments with the District Court Rotterdam. The court has granted the request and has appointed administrators.
Earlier, Royal Imtech already announced it was evaluating the situation and its consequences after an agreement with financiers on additional financing could not be reached. Although the company stated is was investigating options to preserve as much of the group as possible, the Board of Management and the Supervisory Board had to conclude that it is inevitable to file for suspension of payments today.
Hope that Substantial Parts Will Continue
'It is very disappointing that after all the efforts of all involved it has not proven possible to avoid this situation. Filing for suspension of payments now may optimise the chances that substantial parts of the Imtech Group may continue in the interest of all stakeholders and specifically our employees. We thank our shareholders that have loyally supported our company through challenging times,' Frans Cremers (Chairman of the Supervisory Board) and Gerard van de Aast (Chairman of the Board of Management) said on behalf of the entire Supervisory Board and Board of Management.
Imtech Germany
On Thursday 6 August, Royal Imtech announced that its subsidiary Imtech Germany filed for insolvency in the relevant German court. In light of these developments and the resulting potential conflicts of interest, Mr Felix Colsman, chairman of the board of Imtech Germany, decided to step down as member of the Board of Royal Imtech. Mr Colsman will remain chairman of the board of Imtech Germany.
