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

  • Orange County red light crashes decrease
    October 7, 2014
    Red-light safety cameras are reducing traffic dangers in Orange County, Florida, according to a recent program update presented to the Board of County Commissioners that showed drivers are stopping on red and crashes are diminishing. The presentation from the Traffic Engineering Division of the county's Public Works Department included two years of red-light camera program data (July 2011 to June 2013) from the annual reports submitted to the Florida Department of Highway Safety and Motor Vehicles, which
    Read More
  • Detection analysis technology successfully predicts traffic flows
    February 3, 2012
    David Crawford investigates new detection analysis technology from IBM. Locations on both the East and West Coasts of the US are scheduled for early deployments of IBM's new Traffic Prediction Tool (TPT) statistical analysis model for the fine-time resolution and near-term prediction of road flow conditions. Developed by IBM's Watson Research Laboratories, TPT is designed to analyse data from the the key detection indicators - average vehicle volumes and speeds passing a location in a given time interval -
    Read More
  • Interview with new ITS America chairman David St Amant
    April 23, 2013
    David St Amant, incoming chair of ITS America, on the exciting and challenging road ahead for ITS
    Read More
  • Confusing funding and financing can be costly
    September 23, 2014
    Tolling may be the way forward for paying for the roads of the future - but where will concessionaires find the money and do they need funding or financing? Increasingly, governments around the world are concluding that they can no longer pay for new roads and are turning to the private sector for help.
    Read More

Highlighted Content