Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

 

"The aim is to sign the sales contract for the whole unit or major parts shortly after ordinary insolvency proceedings have been opened in early November," Peter-Alexander Borchardt said.

 

Imtech Germany filed for insolvency on Aug. 6, and the parent company followed suit a week later, capping a long slide that began in 2013 after accounting irregularities were uncovered at its Polish and German operations.

 

The sale of the German unit started on Aug. 18 and Borchardt said that 40 parties - mostly competitors, including German construction firms - had signed confidentiality agreements and been given access to the unit's accounts.

 

First offers have already been made, Borchardt said, declining to name any potential bidders.

 

Imtech Germany accounted for about a fifth, or 860 million euros ($960 million), of Imtech's sales.