Imtech files for bankruptcy

Imtech files for bankruptcy

Dutch engineering firm Royal Imtech filed for protection from its creditors yesterday on the back of a giant accounting fraud at its German and Polish subsidiaries.

The company’s operating divisions are now owned by lenders ING Group, Rabobank, Commerzbank and ABN Amro, the court-appointed administrator Jeroen Princen said yesterday.

Dutch trading company Pon Holdings and private equity firm Parcom Capital said yesterday they were looking to acquire Imtech’s international marine operations.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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