Royal Imtech N.V. declared bankrupt; Marine and Nordic divisions sold

(ROTTERDAM, Netherlands) (Aug. 13) — Further to its announcement made on Aug. 11 that Royal Imtech N.V. had been granted suspension of payments, Royal Imtech announces that, upon the request of the administrators, the Rotterdam District Court has declared Royal Imtech N.V. bankrupt as of today. In addition, Imtech Capital B.V., Imtech B.V. and Imtech Group B.V. also have been declared bankrupt as of today. The administrators during the suspension of payments have been appointed as trustees in bankruptcy. 

Royal Imtech also announces that its Marine and Nordic divisions have been set outside of the group under the control of Imtech's financiers with a view to a sale of those divisions or parts thereof to third parties to ensure as much as possible the continuation of their businesses and the continued employment of their 7,300 employees. The company has been informed by the financiers that it is envisaged that Imtech Marine will be sold to Pon Holdings and Parcom Capital and that a sales process for the Nordic division is ongoing and expected to be concluded in the short term.

As of today, no companies of the Imtech group other than the companies mentioned above and Imtech Germany are subject to insolvency proceedings. Royal Imtech has been assured by the trustees in bankruptcy that they are geared to preserve as many Imtech group companies as possible in the interests of all creditors, employees and other stakeholders. Royal Imtech has been informed by the financiers that a number of parties have expressed a genuine interest to take over viable parts of the business. 

It is noted that as Imtech's divisions, including Marine and Nordic have been pledged to Imtech's financiers, the financiers are entitled to all proceeds of any sale or other transaction in relation to those companies. It is not envisaged that Royal Imtech and its shareholders will enjoy financial benefit from any such current or future transactions.

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.

By Professional Mariner Staff