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

  • EU identifies priorities for trans-European transport network until 2030
    January 20, 2015
    The European Commission has published nine studies on the state of play and the development needs of the Ten-T core network corridors. The studies have identified infrastructure development needs which represent approximately US$811 billion of financial investment until 2030. They highlight the importance of optimising the use of infrastructure along the corridors, notably through intelligent transport systems, efficient management and the promotion of future-oriented clean transport solutions. This is the
    Read More
  • Growth of outsourcing simplifies transportation operations
    June 11, 2012
    Xerox Chairman and CEO Ursula Burns will deliver the keynote address at the opening plenary of ITS America’s 2012 Annual Meeting in May. She talked to ITS International about the acquisition of ACS, its rebranding and the importance of the transportation sector to Xerox
    Read More
  • Q-Free reports a positive third quarter
    October 31, 2013
    profitability in the third quarter. Revenue increased 10 per cent to US$28.6 million, with operating profit of US$8.4 million and a profit before tax of US$1.2 million. This compares to a negative operating result of US$3.9 million and a loss before tax of US$3.7 million in the third quarter 2012. Q-Free has also strengthened its efforts in advanced transportation management systems (ATMS) through an investment in the American traffic management company Intelight in Tucson, Arizona, and acquisition of th
    Read More
  • Developments in smarter multi-modal fare paynment
    February 2, 2012
    This section pulls together all the multi-modal topics in each issue. Subject matter will include smartcards; ticketing and payment systems; passenger information systems; fleet management for buses, trains and light rail; park and ride systems; on-line access to real-time information via Internet portals
    Read More

Highlighted Content