Royal Imtech in administrationCompany News // August 12, 2015
Royal Imtech NV - which includes Imtech Marine, the well-known supplier of marine electronics, bridge systems, platform and engine room automation systems, navigation, communication and connectivity solutions, ship motion control, information technology, entertainment, water management and port services and other technology - has entered administration.
In a press release of 12 August, it was confirmed that administrators Paul Peters and Jeroen Princen had been appointed only at Royal Imtech NV.
"The current Board of Management and divisional directors remain fully and exclusively authorised to manage those divisions," said the statement. "They determine how they will use the financial resources available at the operating companies to continue the business. The administrators of Royal Imtech NV hope that the jobs at those divisions will be preserved in close cooperation between Imtech’s directors and Imtech’s financiers. The banks are at this time the material owners of the Imtech divisions. The administrators are at this time not aware of any termination of the group financing on the part of the banks."
The administrators hope that in the near future that the banks, as the holders of security interests, will receive an unconditional bid from a buyer.
Because Imtech NV has been granted creditor protection, the Board of Management and the Supervisory Board must evaluate a bid from a buyer that has the approval of the financiers with security interests and must also cooperate in the private sale desired by the banks of shares in the divisions a buyer wishes to acquire. The administrators are not aware at this time whether the Board of Management and the Supervisory Board are willing to cooperate in this regard.
Earlier this month Royal Imtech NV confirmed that its subsidiary Imtech Germany had filed for insolvency in the relevant German court.