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Royal IHC to sell IQIP (Hydrohammer) to lower debt load; hires restructuring advisor; situation called “dire”

Posted on November 14, 2022

Industry Sources indicate HAL Holdings NV may be buyer of IQIP. IHC’s most recent annual report, for 2020, shows that IQIP posted a net profit of €27 million in 2020 with a turnover of €123 million. IHC as a whole recorded a loss of €300 million in 2020. Royal IHC has not yet filed its 2021 Annual Report, which DredgeWire notes is unusual for Dutch companies this late in the calendar year.

According to the FD newspaper, and following a story in DredgeWire from October 2, Royal IHC has hired the Belgian Michael De Roover, who has held the position of chief restructuring officer since mid-September. FD says this was partly in response to a request from Royal IHC’s consortium of nine banks and that “De Roover’s task is to facilitate ‘a new set of agreements’ with the banks on repayment of loans and new bank guarantees for the ‘future order book’.”

For additional recent reporting, see:

For the prior Oct 2/2022 DredgeWire story see:


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