Last week the suspension of payments of European technical solutions provider, Royal Imtech N.V. is converted into bankruptcy at the District Court Rotterdam. Paul Peters and Jeroen Princen, the current administrators, have been appointed as trustees.
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 7,300 Imtech employees of which around 1,300 employees in the Netherlands. The trustees are aiming to reach the same continuity for the other divisions that are not subject to creditor protection. Trustees are currently in discussions with potential buyers for the divisions and/or parts of Traffic & Infra, Imtech Spain, Imtech Belgium and Imtech UK / Ireland. In addition they have received expressions of interest in Dutch part of the business.
Jeroen Princen, trustee of Royal Imtech N.V. 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.”
Division Imtech Traffic & Infra sold (update August 18, 2015)
With approval of the trustees of Royal Imtech N.V. the banks have sold the shares in the division Imtech Traffic & Infra – excluding the Belgian activities which are part of this division – to RCPT Beheer B.V., owned by private equity firm Egeria. This transaction secures the employment of 1,965 (of which 994 in the Netherlands) of the in total 2,093 employees of this division. Combined with the previous transactions of the divisions Imtech Marine and Imtech Nordic, now approximately 9,300 jobs are secured, including approximately 2,300 jobs in the Netherlands.
Out of the purchase price the three Dutch banks will pay € 500,000 for immediate IT costs of Imtech. The leasing companies who are providing vehicles to Imtech have committed themselves to continue to keep their cars available in August. Consequently, every Imtech employee will be able to continue to travel to offices and clientele. ING settled the ING bank accounts of Imtech last weekend so that new incoming payments can be used to pay the running costs. Rabobank has not settled and released the bank accounts of Imtech companies.
The transactions realized bring significant benefits to the trade creditors of Imtech. As a result of the sale of the divisions, payments to trade creditors are secured. In this respect, the following total trade creditor amounts apply per division sold:
• Imtech Traffic & Infra: € 39 million
• Imtech Marine: € 48 million
• Imtech Nordic: € 56 million