Report: Imtech sell-off likely saved 17,000 jobs

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The bankruptcy administrators working on Imtech's bankruptcy managed to save most of the jobs by selling parts of the business. "I estimate that ultimately one thousand of the 17,000 à 18,000 jobs will be lost", bankruptcy administrator Jeroen Princen said to the Financieele Dagblad.

This involves jobs at subsidiaries Imtech Building Services and Imtech Industrial Services, Z24 reports. On Tuesday Imtech Industrial Services was declared bankrupt. The bankruptcy administrators managed to sell parts of the subsidiary and the majority of the about 900 employees will be offered work by the buyers.

Unions CNV and RMU are disappointed with the bankruptcy of Imtech Industrial Services, despite the retention of the majority of jobs. They would have preferred if the subsidiary had been sold in its entirety, without bankruptcy. This would have kept the employees' accrued rights, such as vacation days and service years, in tact.

According to Z24, the bankruptcy administrators also announced that investor Endless is taking over the majority of the Imtech divisions in Ireland and the United Kingdom, preserving about 2,600 jobs in those countries. Negotiations on the sale of parts in Spain, Poland and Luxembourg are also in advanced stages. The future of Imtech Germany is still unclear.