Eight years after the bankruptcy, the trustees and banks of Royal Imtech NV reached a settlement agreement on 23 October. In resolving a potentially complex dispute, lengthy and costly court proceedings have been avoided.
Royal Imtech, a European technical services provider, was declared bankrupt on 13 August 2015. The bankruptcy also included Imtech Capital BV, Imtech BV and Imtech Group BV. Immediately after the bankruptcy had been declared, the two divisions Imtech Marine and Imtech Nordic were sold. Imtech Marine passed to Pon Holdings and Parcom Capital.
The 2015 bankruptcy of the listed Imtech Group was one of the largest bankruptcies in the Netherlands and is complex due to the size of the Imtech Group. It affected many creditors, including the group’s financiers.
Also read: Royal Imtech declared bankrupt
Settlement agreement
Over the past year, the trustees and the group of financiers have worked together constructively to reach a solution, recognising the complexity of the case and with a view to ultimately settling the bankruptcy, also for the benefit of the joint creditors, including unsecured (trade) creditors. The settlement is the result of the efforts of all parties involved and is entered into by the parties involved without any admission of liability. The trustees and the banks are pleased to report that this important hurdle has now been cleared.
The settlement, which is revealed on the website dedicated to the Imtech bankruptcy, includes a cash payment of EUR 25 million to Imtech, the release of deposit balances worth EUR 3.8 million to Imtech and the withdrawal of the claims of the trustees and financiers against each other. The settlement will benefit unsecured creditors as it will result in a higher payout percentage.
Picture by Imtech.
Also read: Acquisition Imtech Marine finalised
