Dutch engineering group Imtech collapses

Royal Imtech, the Dutch engineering services company, filed for protection from its creditors yesterday, overwhelmed by accounting fraud in Germany that triggered three years of operating losses and asset writedowns.

The company's operating divisions are owned by lenders ING Group, Rabobank, Commerzbank and ABN Amro, court-appointed administrator Jeroen Princen said.

Mr Princen said he was “confident that in very short order an agreement can be reached with the banks and a buyer”.

Dutch trading company Pon Holdings and private equity firm Parcom Capital said they were in talks to acquire Imtech's international marine operations. The problems at the German subsidiary, which filed for insolvency last week, ultimately led to the collapse of the group. – (Reuters)