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.
Agder Gruppen, a major Norwegian company in the construction industry, specializing in the sale and rental of construction machinery, has declared bankruptcy, resulting in the loss of 103 jobs. The bankruptcy affects the parent company and its subsidiaries, Agder Anleggsenter and Agder Rental.
The bankruptcy was declared on Wednesday, April 24th, following a rapid deterioration in the company’s financial health due to increased interest rates, a weakened market sentiment, and significant financial management difficulties. The total debt of the group amounts to 2.5 billion NOK, making it one of the largest bankruptcies in the Norwegian construction sector. Efforts to rescue the company proved unsuccessful. The immediate consequence of the bankruptcy is the loss of 103 jobs as confirmed during a staff meeting on Tuesday, April 30th. Christian Bohne, the appointed administrator, indicated that efforts are ongoing to secure as many jobs as possible amidst the restructuring process and that around 60 employees will be retained for now, to maintain activity.
Trade union Parat, representing several members within Agder Gruppen, is actively involved in supporting affected employees. The union is in regular contact with elected representatives, providing legal assistance and planning to hold member meetings to navigate through the difficult and uncertain situation.
Agder Gruppen had experienced rapid growth prior to the bankruptcy. The company’s activities in selling and renting machinery to the construction industry were well recognized in Norway and Sweden. However, recent financial challenges overwhelmed the company's ability to meet its obligations, leading to its bankruptcy declaration.
Headquartered in Kristiansand, Norway the company operated at 13 locations in Norway and Sweden, with approximately 220 employees in total.
Eurofound (2024), Agder Gruppen, Bankruptcy in Norway, factsheet number 201114, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/201114.
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