Netherlands

The government of the Netherlands said on Tuesday that it planned to proceed with a sale of shares of the state-owned lender ABN Amro in an initial public offering, possibly as soon as the fourth quarter of this year, the International New York Times reported. The government aims to recoup tens of billions of euros that it spent to rescue the lender seven years ago.

The private equity fund that backed the buyout of parts of the former Quinn Group last year is poised to swoop on the Irish arm of troubled Dutch engineer, Imtech, saving 700 jobs, the Irish Times reported. The parent of Waterford engineering business, Imtech Suir, confirmed yesterday that it is in talks about a possible sale of the company to US and European investment fund Endless LLP and predicted that a deal would close next week.

Administrators for bankrupt technical services company Imtech said on Wednesday they had found buyers for two more units, securing a further 248 jobs. Imtech Industrial International and Ventilex have been bought by asset manager Techim, which looks after the financial interests of several wealthy families. In addition, parts of Imtech Building Services are also being sold and sector peer Unica has agreed to take over contracts worth €150m. Imtech’s Irish arm and Imtech UK may also be sold to British investment house Endless, which is now in exclusive talks with the administrators.

Dutch engineering services company Royal Imtech has been declared bankrupt and its Marine and Nordic divisions are being sold to private investors, the company and its administrators said on Thursday, Reuters reported. Imtech, which employs 22,000 people in 35 countries and has annual sales of roughly 4 billion euros ($4.5 billion), filed for protection from creditors on Tuesday after its German unit filed for insolvency.

The insolvency of Royal Imtech's German arm last week was triggered by the parent company's failure to pay the unit 21 million euros ($23 million) it owed, Imtech Deutschland's insolvency administrator said, Reuters reported. Royal Imtech filed for protection from its creditors on Tuesday, five days after the German unit made a similar filing, overwhelmed by accounting fraud in Germany that triggered three years of operating losses and major asset writedowns.

Royal Imtech, the Dutch engineering services company, filed for protection from its creditors yesterday, overwhelmed by accounting fraud in Germany that triggered three years of operating losses and asset writedowns. The company’s operating divisions are owned by lenders ING Group, Rabobank, Commerzbank and ABN Amro, court-appointed administrator Jeroen Princen said. Mr Princen said he was “confident that in very short order an agreement can be reached with the banks and a buyer”.

Shares in Dutch engineering services firm Imtech tumbled more than 40 percent on Monday after it said it was trying to preserve as much of its remaining business as possible after its Germany subsidiary, its largest, filed for insolvency last week, Reuters reported. Dutch newspaper de Telegraaf, citing an internal Imtech email, said on Monday that the company had instructed employees to halt payments to suppliers and subcontractors. Imtech spokeswoman Dorien Wietsma declined to comment on the report, repeating that "all options are open" for the company.

The German unit of Dutch engineering group Royal Imtech NV has filed for insolvency after failing to secure credit from lenders, adding to a list of problems at the parent and sending its shares down over 40 percent to a record low, Reuters reported. The announcement of Imtech Deutschland GmbH & Co's insolvency came hours after the company said it was "considering all options" in the wake of the subsidiary's liquidity crisis.

Dutch sportscar maker Spyker, one-time owner of Sweden's Saab, declared bankruptcy on Thursday, after failing to secure a critical bridging loan it had hoped would help it refinance and restructure, Reuters reported. The company, formed in 2000 to resurrect an early 20th century Dutch auto marque, had filed for protection from creditors earlier this month, hoping to stave off collapse.

Dutch sports-car maker Spyker NV said Tuesday it has filed for a financial restructuring in a Dutch court, seeking protection from creditors as it tries to resolve liquidity problems, The Wall Street Journal reported. In a statement, the company said it is seeking financing “arranged by independent financiers” to continue operations and pay wages. “Over the past few years, Spyker has faced a number of serious difficulties and challenges resulting from, among others, the legacy of the F1 era and the acquisition of Saab Automobile AB,” Victor R.