Technical service company Imtech has been declared bankrupt by a Rotterdam court and its Marine and Nordic divisions are being sold to private investors.

Imtech applied for court protection from creditors on Tuesday after failing to reach agreement with the banks on a new capital injection.

On Thursday morning, the financial sector regulator AFM requested stock exchange group Euronext to suspend trading in Imtech shares.

Earlier in the week, Imtech said it was considering ‘all options’ after failing to reach an agreement with financiers on additional funding. Specifically, the company said it was looking to ‘preserve as much of the group as possible’.

Process

In a statement on Thursday, Imtech said its Marine business would be sold to Pon Holdings and Parcom Capital. ‘A sales process for the Nordic division is ongoing and expected to be concluded in the short term,’ the statement says.

No figures were given, but Imtech said the sale will secure 7,300 jobs.

A number of parties have also expressed ‘a genuine interest’ in taking over other viable parts of the business, the statement adds.

Imtech has a global workforce of 22,000, of whom almost 3,000 are in the Netherlands.

Since the scale of the company’s problems became apparent two weeks ago, the share price has plunged 90% and is now worth just 42 cents.