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.
Tecnosistemi Group was the leading company in Italy in the field of designing construction and managing network infrastructures, such as TLCs and ICTs. It employs around 2,000 people worldwide, 1,700 of which in Italy. In summer 2003 a critical financial situation became evident and the company was filed for 'controlled administration' and possible bankruptcy. The firm has discontinued to pay wages and salaries since June 2003. Some 1,200 workers have been covered by the income support provided by the Wages guarantee fund since the beginning of September and talks were under way to find a possible investor to take up the business.
In March 2004, Sirti has offered to lease part of the company, starting by employing 164 workers of the 651 who are still working. Depending on the market developments, the new firm might employ up to 600 employees by the end of 2005.
Eventually, the lease proposal has been backed by a collective agreement signed on 28 April 2004 by the sectoral unions Fim, Fiom and Uilm. The lease contract has been finalised in mid-May 2004 and will last six months; Sirti has also put forward an irrevocable proposal for the purchase of the undertakings now on lease.
Another 20 employees, who work for the IT firm of the Tecnosistemi group, will be transferred to the Calzavara group, based in Udine.
The "mobility" allowance will provide an income-support measure until retirement for some 500 people. For the remaining employees (some 800 people in Italy) other active labour policies are being considered.
Eurofound (2003), Tecnosistemi, Bankruptcy in Italy, factsheet number 59852, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/59852.
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