Dutch company Royal Imtech NV has gone into administration, announcing a court in Rotterdam has granted its request for suspension of payments.
The move follows meetings with financiers where agreement on additional financing couldn’t be reached. Imtech in the UK and Ireland continues to trade as normal.
In a joint statement between the chairman of the Dutch Supervisory Board Frans Cremers and chairman of the Board of Management Gerard van de Aast, they said: “It is very disappointing that after all the efforts of all involved it has not proven 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. We thank our shareholders that have loyally supported our company through challenging times.”
A statement from Imtech UK and Ireland said: “An announcement has been made today by Royal Imtech NV that means some change for Imtech UK and Ireland.
“Royal Imtech NV has announced that Administrators have been appointed to Royal Imtech NV under Dutch law.
“Imtech UK and Ireland continues to trade as normal and is not subject to this administration. We are now operating under the sole control of the UK management team.
“While continuing our business, we are also assessing longer-term options and are in discussions with interested parties.”
Imtech Germany filed for insolvency on August 6.