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

  • Sensys Gatso and Ricardo Rail sign strategic agreement for the rail market
    July 3, 2017
    Sensys Gatso Group, which has developed and delivered the Automatic Pantograph Monitoring System (APMS) product for customers in the Nordic region, has signed a strategic agreement with Ricardo Rail for sales and manufacturing of the product to the global rail market.
    Read More
  • ATA, NATSO, commend long term highway bill
    October 26, 2015
    The American Trucking Association (ATA) and NATSO, the national association representing truck-stops and travel plazas have commended the House Transportation and Infrastructure Committee for passing the long-term Surface Transportation Reauthorization and Reform Act of 2015 (STRRA), with some concerns. ATA president and CEO Bill Graves urged House leaders to take the next step quickly, saying, “While we're anxious to see the funding portion of the bill, the roadmap laid out by this legislation is a good
    Read More
  • Cost benefit goes under the microscope
    August 21, 2017
    Conventional cost benefit analysis (CBA) of plans for urban smart mobility initiatives needs serious rethinking, according to a recently-completed European study. The three-year Evidence Project (the Project) emerged in response to concerns about the availability and quality of documented research – including CBA – required to prove that investment in sustainable urban mobility plans (SUMPs) can be economically beneficial. Covering 22 sectors ranging from electric vehicles to shared spaces, the Project clai
    Read More
  • PennDOT makes funds available for transportation improvements
    April 8, 2014
    Pennsylvania Department of Transportation (PennDOT) is accepting applications for funding for transportation improvement projects under the Multimodal Transportation Fund created by Act 89. PennDOT can make available US$20 million in fiscal year 2014-15 to distribute to successful applicants. Eligible projects can cost between US$100,000 and US$3 million and they require a 30 per cent match from local sources. PennDOT will evaluate the applications and make selections based on such criteria as safety
    Read More

Highlighted Content