After having been granted suspension of payments on Tuesday 11 August, Royal Imtech was declared bankrupt on Thursday upon the request of the administrators.
The bankruptcy also includes Imtech Capital BV, Imtech BV and Imtech Group BV. The administrators during the suspension of payments have been appointed as trustees in bankruptcy.
Marine and Nordic Divisions Sold
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 7300 Imtech employees of which around 1300 employees in the Netherlands.
Allegedly, a number of parties have expressed a genuine interest to take over viable parts of the business.
To facilitate the process set out above and transactions to further secure as much as possible the interests of creditors and jobs of as many employees as possible, it is conceivable that Imtech subsidiaries will be granted suspension of payments or will be declared bankrupt. The trustees in bankruptcy will decide whether and when such steps will be taken.
Picture by Royal Imtech.
