Economy
Imtech deferred payment requested by the court in Rotterdam. The request was approved and administrators were appointed. That made this morning announced the installation.
Imtech to reach agreement negotiations after many days with the banks on an additional emergency loan of 75 million euros.
CEO Gerard van de Aast and president- Commissioner Frans Cremers said in a statement:
“It is very disappointing that after all the efforts it was not possible to avoid this situation. By deferred payment request, we can increase the likelihood that significant parts of Imtech can continue in the interest of all stakeholders, especially our employees. “
‘Great discord and much uncertainty
All attempts to create a controlled restart for the various Imtech divisions are apparently failed, reacts economics editor Menno Tamminga.
“This indicates major disagreements between the financiers themselves and financiers and administrators. It seems like they have put everything on an agreement with the financiers, but that failed. It now turns out to be an old-fashioned bankruptcy.
The rescue operations in recent years seemed to succeed, but now that it has been for nothing. After a period of recovery hopeful the company is caught in a downward spiral. There’s no trust anymore. There is still no certainty about what will happen now with the company. Both the directors and the administrators are now in charge. It can go in any direction.
There should now be quickly cleared. Each client will want to know now; Imtech meets its commitments even after? Does the boss have to work? Do the employees have? Those people come only if they know that they are still paid this month. “
Imtech is a technical services provider in the fields of electrical engineering, ICT and mechanical engineering. It employs a total of around 22,000 employees in seven divisions. Imtech is building in the Netherlands include the Zaanstad prison and the North-South line of the Amsterdam metro. The company is responsible for the installation of all escalators, lifts and lighting in the subway.
North-South line has now been delayed?
What happens with a project as one of the builders going bankrupt? NRC editor Carola Houtekamer wrote yesterday:
“It depends on the contract. If there are multiple constructors, another partner can take over the work. So did builder Ballast Nedam last interests in two projects largely to rival Strukton. The work can be re-tendered at a third external party. Would in the case of Imtech installers and technical services as TBI, Cofely or Unica can be.
Eventually, a job is always off though. But often at higher costs and delayed. In Germany, they were already worries aloud. Last Thursday asked the German subsidiary of Imtech bankruptcy. Immediately said Karsten Mühlenfeld, manager of the new Berlin airport, expected problems. Imtech explains among other things the climate to. The reduction in the airport, which opens for years, would rise even more delayed by the bankruptcy.
The Amsterdam councilor Bart Vink (D66) fears that the problems at Imtech provide additional delay and higher costs for the North-South line, he said this morning on Radio 1. Imtech is responsible for elevators and escalators of the new metro line. “That’s a big part of the reduction. Without Imtech we have a big problem. We could already see some coming and I hope that the alderman management is ready. “More delay of the line, which should be completed in October 2017, the municipality can not afford according to Vink.
How Imtech is so deeply in trouble?
In early 2013, it became clear that Imtech least 100 million loss on the construction of a Polish theme. There was fraud in the game – and not just in Poland. In Germany came shortly after a major accounting scandal to light: false invoices, diverted money, a polished balance. Fraud Imtech cost hundreds of millions of euros. Against the local chief executive Klaus Betz – responsible for Poland and Germany – Imtech has reported and the company management in Gouda was replaced. Since then, Imtech makes a loss.
And it went so well with the darling of investors, writing Teri van der Heijden and Carola Houtekamer in NRC. The company grew fast to quick succession foreign companies take over. In 2011 the company was even given the title ‘Royal’. Turnover grew from 3.4 billion euros in 2007 to 5.4 billion in 2012 – the year for all the misery began
Imtech now still has jobs, but also has an acute shortage of money.. Since that problems started the company twice before rescued by the banks. In the short term will show whether the third rescue still comes from
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