Imtech reaches final agreement with its main financiers

After the identification of the irregularities in Germany and Poland, it became clear that Imtech was not going to meet its year-end 2012 financial covenants. On 19 March 2013, Imtech reached agreement with its main financiers on the provisional continuation of the outstanding facilities, and on 15 June 2013, the company reached final agreement with its main financiers regarding a waiver and amendment agreement for the outstanding facilities.
June 17, 2013 Read time: 1 min
After the identification of the irregularities in Germany and Poland, it became clear that 769 Imtech was not going to meet its year-end 2012 financial covenants.

On 19 March 2013, Imtech reached agreement with its main financiers on the provisional continuation of the outstanding facilities, and on 15 June 2013, the company reached final agreement with its main financiers regarding a waiver and amendment agreement for the outstanding facilities.

The main financiers will continue to make their current facilities available, under conditions customary in these circumstances. Reaching this agreement is an important step and as a result, the 2012 financial statements can now be finalised and announced shortly. Further details will be announced with the annual accounts 2012.
Urban Traffic Control

For more information on companies in this article

Related Content

  • Brooklyn eyes Bogota’s BRT system
    June 17, 2016
    David Crawford considers the increased interest in bus rapid transit and looks that the latest trends. Bus rapid transit (BRT) is gaining an increasingly high profile in the US public transport agenda, for two main reasons. One is the potential for ‘trains on wheels’ to save substantially on installation costs as compared with other modes such as underground metros or light-rail transit. Another, highlighted in the case of New York City, is the value of having a rapid surface-based alternative available whe
    Read More
  • New ANPR solutions overcome variables
    May 18, 2018
    The sheer range of variables makes it difficult to find a single algorithm to ensure a 100% standard of ANPR. David Crawford investigates new processing technology. Automatic number plate recognition (ANPR), using optical character recognition and image-processing to identify vehicles, plays key roles in traffic monitoring and law enforcement, access and parking control, electronic toll collection, vehicle security and crime deterrence. Overall, system performance is well rated, with high levels of
    Read More
  • Legalities of in-vehicle systems and cooperative infrastructures
    February 1, 2012
    Paul Laurenza of Dykema Gossett PLLC discusses the paths which lawmakers may go down on the route to making in-vehicle systems and cooperative infrastructures a reality. The question of whether or not to mandate in-vehicle systems for safety and other applications is a vexed one. There is a presumption on some parts that going down the road of forcing systems' fitment is somehow too domineering or restricting. Others would argue that it is the only realistic way of ensuring that systems achieve widespread d
    Read More
  • Improving driver information, making in-vehicle systems a reality
    January 26, 2012
    Scott J. McCormick, president of the Connected Vehicle Trade Association, considers what we have to do next to make the more widespread deployment of automotive telematics a reality
    Read More

Highlighted Content