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

  • ORR launches consultation on monitoring strategic roads network
    March 27, 2015
    The Office of Rail and Road (ORR) has launched a public consultation setting out its proposed approach to a new monitoring regime to track Highways England’s performance in delivering its major roads investment programme. The consultation also sets out ORR’s strategic objective on securing improved performance and value for money from the strategic road network, and explains how ORR will hold Highways England to account. ORR is seeking comments from all interested parties by 19 June 2015. Last year th
    Read More
  • Global ITS market expected to reach US$38.7 billion by 2020
    March 24, 2014
    The global market for intelligent transportation systems is expected to reach US$38.7 billion by 2020, according to a new study by Grand View Research. Growing demand for optimising fuel consumption and reducing emissions is expected to be the key driving force for the market. ITS aids in reducing incidents such as road accidents and boost safety, which is estimated to positively impact demand over the next six years. Increasing need for enhancing existing transportation networks coupled with demand for
    Read More
  • ANPR developments in the Spanish market
    February 2, 2012
    Gonzalo García Palacios, R&D engineer with Quality Information Systems, writes about ANPR developments in the Spanish market In an increasing number of countries, Automatic Number Plate Recognition (ANPR) systems are a growing market. They have become a fundamental part of many ITS systems, whether publicly or privately owned, and essential to any user which looks seriously to give the best services to its customers or wants to improve its facilities' performance.
    Read More
  • Developing an integrated WIM/ANPR enforcement system
    July 31, 2012
    The weigh in motion market remains especially buoyant and technological development continues to reflect this. Although there are major differences in operating philosophies, particularly between developed and developing countries, both the numbers of countries using Weigh In Motion (WIM) technology and the numbers of systems that they deploy are on the increase.
    Read More

Highlighted Content