Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Danish airline Jet Time announced on 25 June 2020 a collective dismissal programme, related to COVID-19, which will affect 90% of company's workforce in Denmark; 313 employees will be made redundant in this case pilots, cabin crew and aircraft mechanics. Both employees and leaders had accepted cut in wages, but that did not solve the crisis in the company. The state compensation has also not been sufficient to save the jobs, therefore the low demand for air transport during summer 2020 has forced the company to lay off most of its employees.
After the restructuring, the company will not be able to sustain its flying business and the future of the company is unclear.
Update 21 July 2020: Jet Time announced bankruptcy. Despite the prior dismissal of 313 employees the company does not believe that it will survive the air travel crisis since the government support packages will cease in August 2020. The owner has therefore decided to declare bankruptcy, implying that all 342 employees will be dismissed. The owner has now registered a new company, Jettime A/S, which will start flying again in 2021 or 2022, when the corona-crisis and travel restrictions are lifted.
Eurofound (2020), Jet Time, Bankruptcy in Denmark, factsheet number 101157, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101157.
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