Royal Imtech Declared Bankrupt

Royal Imtech has announces that, upon the request of its administrators, the Rotterdam District Court has declared the company bankrupt as of Thursday. 

The move follows an announcement made on August 11 that the company had been granted a suspension of payments. Imtech Capital B.V., Imtech B.V. and Imtech Group B.V. also have been declared bankrupt.  

Paul Peters and Jeroen Princen, the current administrators, have been appointed as trustees.

Royal Imtech also announced that its Marine and Nordic divisions have been set outside of the group under the control of Imtech's financiers, and have now been sold. The financiers have 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 are in the Netherlands. 

The trustees are aiming to reach the same continuity for the other divisions that are not subject to creditor protection. The trustees are currently in discussions with potential buyers for the other divisions.

Jeroen Princen, trustee of Royal Imtech 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.”

René ten Brinke, Director Global Services of Imtech Marine says: “We are extremely happy with Pon Holdings and Parcom Capital as the new owners of Imtech Marine. Both are highly professional companies, with extensive experience in the maritime industry. It couldn’t have been a better scenario for us. This new ownership aligns perfectly with the positive developments that have already been set in motion within Imtech Marine and will also further strengthen and accelerate growth of our business.”

Imtech Marine is a leading company in the global maritime market, operating as a full-service provider and system integrator of tailor-made ship technology solutions.