Financially troubled retailer V&D is back on the road to bankruptcy. The company filed for suspension of payments on Tuesday and the court in Amsterdam granted it on Wednesday morning
Manfield, Dolcis and Scapino, among others, may be facing bankruptcy. Parent company Macintosh announced on Tuesday that it filed for postponement of payment, often a precursor for official bankruptcy, ANP reports.
Macintosh is burdened by high debt and revenues were very disappointing this year, especially in recent weeks. "The application for postponement of payment is therefore the only option left", the company said. The court in Limburg is expected to rule on the application later on Tuesday.
TSN Thuiszorg, the largest home care organization in the Netherlands, applied for postponement of payment. Given that postponement of payment is often a prelude to bankruptcy, some 12 thousand jobs are now at risk.
The construction of the Noord/Zuid line of the Amsterdam subway system will conclude in October 2017 despite the bankruptcies of key technology contractor Imtech and metal construction firm Oskomera, according to city alderman Pieter Litjens. The oft-delayed subway line is not expected to have any further setbacks after an analysis of the remaining risks to the project, Litjens told the Parool.
A major international joint investigation between Italy and the Netherlands led to 48 arrests involving members of the notorious ‘Ndrangheta, a powerful crime syndicate with its roots in Calabria, Italy. Authorities in the Netherlands focused in on the Aalsmeer flower auction, where flower traders and deliverers were brought in for questioning on a multi-million euro scheme to defraud flower suppliers, possibly smuggle drugs, steal millions in chocolate, and plan the assassination of victims who came forward, according to newspaper Parool.
Yet another Imtech subsidiary - Imtech Industrial Services - has been declared bankrupt. Parts of the company were sold and the buying parties will offer some of the employees a job, but between 200 and 300 of the 900 jobs will be lost, bankruptcy administrator Jeroen Princen
Imtech's bankruptcy is having its first effects on the Amsterdam Noord-Zuid subway line. All Imtech employees involved with the line stopped working on Wednesday afternoon after the bankruptcy administrators instructed them to do so.
At the request of Dutch authorities, the judicial authorities in Costa Rica has seized about one million euros in property and bank accounts of a 57 year old Dutchman and his former Spanish life partner. The Dutchman is the prime suspect in an ongoing FIOD investigation into millions worth of fraud involving investments in Spanish solar energy plantations.
About 500 companies in the installation sector will be affected by Imtech being declared bankrupt. These companies account for 4 percent of all the companies operating in this sector.
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.
Consultancy and service firm Royal Imtech N.V. formally entered bankruptcy protection on Thursday. The fate of part of the Gouda-based company's workforce, including 22,000 global employees, of which 2,700 are in the Netherlands, is not yet known.
The Amsterdam North-South subway line will not collapse if Imtech does not survive its financial troubles. Visser & Smit Bouw, a subsidiary of construction company VolkerWessels, will take over if Imtech goes bankrupt, a spokesperson for VolkerWessels confirmed
Heerlen based solar cell manufacturer Solland Solar is having financial difficulties. Union FNV has applied for bankruptcy on behalf of the company's about 70 employees.
After clearing a debt of 45 million euros, Spyker NV and Spyker Automobiles are now officially no longer under suspension of payments. Spyker can now continue its activities debt free. One of these activities is preparation for a merger with American electric planes maker Volta Volare.
The number of companies and institutions going bankrupt in the Netherlands, is continuing its downward trend, which started in the summer of 2013. There were 35 fewer bankruptcies in June than in May.
Kinderdijk is finally showing signs that it is recovering from its financial troubles. On Wednesday the windmill complex welcomed its 150,000th visitor of the season - the first time ever that so many tourists visited the complex so early in the season.
V&D has reached an agreement with the unions. The company will not cut its employees' wages, but to make this possible, a reorganisation will be necessary.
The Midden-Nederland court approved an agreement between Dutch supercar manufacturer Spyker and its creditors on Thursday, reports Omroep Flevoland. The financially-strapped car company is primed to exit administration, unless an appeal against the decision of the court is filed.
Creditors involved with the sports car manufacturer Spyker will only receive a full compensation for debts up to 12,000 euros. The embattled sports car manufacturer will only pay ten percent of debts over the amount in an effort to get out of receivership, reports RTL Nieuws
Dutch retailer V&D is pushing for a discount of 24 million euros on rent for its 63 stores across the country. The company is trying to force through a deal with landlord, writes Het Parool, after difficult negotiations barely kept the retailer out of bankruptcy.
Talks between the workers' union and V&D store management ended Tuesday without an agreement on a wage cut deal the managers say is crucial to the story remaining open and regaining its financial footing.
V&D is celebrating its narrow escape from bankruptcy with its customers by handing out free pie, according to a full page ad in the Metro.
V&D will shrink each of its 63 branches in return for the landlords of V&D department stores handing in 25 million euro in rent. That is the result of the final meeting between V&D and the landlords of its stores. V&D owner Sun Capital still hast to approve this agreement.
The V&D crisis talks with the company's landlords continued last night. V&D wants the landlords to give them 6 months time to work on a new strategy, NOS reports based on the company's concept plans. The company also wants a rent discount of more than 50 percent for the next 6 months.