Royal IHC has confirmed that its previously announced recapitalisation and takeover by a consortium of Dutch, Luxembourg, and Belgian companies has been finalised.
The newly established Foundation Continuiteit IHC has taken over all shares of IHC Merwede Holding. The recapitalisation has now also been completed with the support of Royal IHC's existing syndicate of banks, the Dutch ministries of Economic Affairs and Climate Policy and Finance, and the credit insurer Atradius Dutch State Business.
The company's operations will continue under its new owner, which is a consortium formed by MerweOord, Huisman, HAL Trust, and Ackermans and Van Haaren.
Prior to the acquisition, Royal IHC had been incurring mounting debt and losses, including a loss equivalent to US$88 million for the year 2018.