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

  • MaaS Market conference platform for pioneering projects
    August 21, 2017
    In opening the session on putting MaaS ideas into practice, Hans Arby, chief executive of UbiGo, told the conference that, “MaaS can mean different things to different people. This is why we decided to run MaaS under real conditions and launch the Gothenburg pilot scheme in 2013.” The trial involved 70 households paying €130/month for 6 months with participants agreeing that 20 cars could be put into storage. More than 12,000 bookings/transactions took place during the trial and there were no drop-outs. Ac
    Read More
  • Electronic vehicle registration ensures payment
    February 2, 2012
    Like most countries, Bermuda recognised that it was losing revenue through non-compliance with vehicle registration regulations and was equally concerned about vehicles that were not properly insured or put through annual inspections. Indeed, the tiny island state, with a population of around 65,000 people and some 30,000 vehicles, estimated it was losing more than US$1.4 million per year in tax-based revenue since approximately 8 per cent of vehicle owners were cheating the system.
    Read More
  • Machine vision - cameras for intelligent traffic management
    January 25, 2012
    For some, machine vision is the coming technology. For others, it’s already here. Although it remains a relative newcomer to the ITS sector, its effects look set to be profound and far-reaching. Encapsulating in just a few short words the distinguishing features of complex technologies and their operating concepts can sometimes be difficult. Often, it is the most subtle of nuances which are both the most important and yet also the most easily lost. Happily, in the case of machine vision this isn’t the case:
    Read More
  • Thales builds on Canadian connection for transit R&D
    June 20, 2016
    The Canadian province of Ontario is continuing to benefit from its ongoing investment in transit R&D. David Crawford looks at the impact of new investment. Developing the next generation of urban rail signalling solutions worldwide, with the emphasis on transit security and efficiency, is the goal of a recently-created business partnership between the government of the Canadian province of Ontario and Thales Canada. The wholly-owned subsidiary of the France-HQ'd global defence, aerospace and transportation
    Read More

Highlighted Content