Dutch-based technical solutions provider Imtech has been put into administration as talks to try to source additional financing have failed, and its German subsidiary has filed for insolvency.
Royal Imtech NV has filed a request to be granted a suspension of payments (surseance van betaling) with the District Court in Rotterdam, the Netherlands. The court has granted the request and has appointed administrators.
It had been in discussions on long-term structural solutions and an amendment to its financing arrangements, including an increase in liquidity headroom for the group and its subsidiaries. It said that no agreement had been reached.
Its German subsidiary, Imtech Deutschland GmbH & Co KG, filed for insolvency in the German court on 6 August.
At that time, the company said that in light of the developments and the resulting potential conflicts of interest, Felix Colsman, chairman of the board of Imtech Germany, had decided to step down as a member of the board of the parent company. It said Colsman would remain chairman of the board of Imtech Germany.
As no agreement could be reached over the financing of Imtech, the board of management and the supervisory board of Royal Imtech said it had concluded that it was inevitable to file for suspension of payments.
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, “It is very disappointing that after all the efforts of all involved it has not proved 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.”
Imtech said that for more than 150 years, it had built a solid track record on improving energy efficiency, mobility, safety and productivity. It said it offered integrated and multidisciplinary total solutions for complex technical challenges, from design, consultancy and engineering to maintenance management, implementation and services.
It works in around 35 countries, and said its core countries, apart from the Netherlands and Germany, were Austria, Belgium, Spain, Sweden, Turkey and the UK. It has 450 local support offices in countries including the US, China and Brazil