Assoc.: Imtech bankruptcy tough on entire industry

Imtech building in Rotterdam (Picture: Wikimedia Commons/Gerd Fahrenhorst)Imtech building in Rotterdam (Picture: Wikimedia Commons/Gerd Fahrenhorst)

Imtech's bankruptcy is a blow to the whole industry, according to Uneto, the umbrella organization for installation companies in the Netherlands. The organization is especially concerned fro the numerous freelancers and sub-contractors who got lots of work from Imtech.

"It's never nice when one of your largest members disappear", Uneto chairman Titia Siertsema said to BNR. She expects that other Uneto members will take over Imtech's work. "In a bankruptcy it is always the question of who will still get paid from the estate and how much is left. We're a little worried about whether all our members will get paid for the work they have done so far."

According to Anton Wiggers, business physician and partner at the Themis Company, Imtech has a number of healthy parts, and for them it can be a blessing that the Imtech group is falling apart. These healthy parts were particularly affected by the cash-drain to lesser parts of the business. "They are really happy and it is expected that they will soon be integrated with Pon and the company that takes over Nordic", he said to BNR.

Wiggers warns that takeover companies should not forget to arrange the financing correctly. "For that you need the necessary time in the banking process and that is often forgotten. Then you've made a commitment, you can not afford it and cash and guarantee go out the door to the bankruptcy curators."