Royal Imtech has now confirmed that its financial backers have agreed to extend its covenant holiday.
Imtech announced on November 7th that it is currently engaging in constructive dialogue with its most important financiers regarding an amendment of its financing agreements, including a covenant reset.
The covenant reset is required as a result of a slower than anticipated recovery of Imtech's business, in particular in Germany.
As part of the discussions, Imtech's most important financiers have now agreed to extend the covenant holiday. Under the related financing agreements the first covenant testing date was March 31st 2014. The newly agreed first testing date has now been put back to September 30th 2014.
Imtech expects to publish the reset covenants on or before the publication of its annual results on March 18th 2014.
With approximately 29,000 employees, Netherlands-headquartered Royal Imtech N.V is active attractive positions in markets across Europe, including the Netherlands, Belgium, Luxembourg, Germany, Austria, Eastern Europe, Sweden, Norway, Finland, the UK, Ireland, Turkey and Spain. In the UK Imtech is an active player in the water sector.
Imtech shares are listed on the NYSE Euronext Amsterdam, where Imtech is included in the AEX Index.
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