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 Valiance group is active in the security and fund transport businesses with three subsidiaries: Eurotelis, telesurveillance company, Solymatic, dealing with the maintenance of ATMs and Valiance Fiduciaire, fund carrier. In March 2004, the group, owned by UBS, announced an important restructuring in order to avoid bankruptcy. The drop of activity following the introduction of the euro and the restructuring of the Banque de France were the main causes of the group's difficulties. Eurotelis was sold to Securitas. A job reduction plan was announced at Solymatic before the company finally filed for bankruptcy. A job reduction plan of 1,011 jobs out of 3,200 was announced on 27 March 2004 at Valiance Fiduciaire. The sites of Roanne (Loire), Charleville-Mézières (Ardennes), Valenciennes (Nord), Paris-Brune would be closed. The headquarters in Paris and Toulouse would also be closed. On 27 May 2004, the number of jobs concerned by the social plan was reduced to 821. However, on 27 July 2004, after UBS refused to recapitalise the company and thus allow the execution of the social plan, Valiance Fiduciaire filed for bankruptcy. The Danish Group 4 Falck and the Swedish Securitas have both expressed an interest in taking over the company. Both are planning some 500 to 600 job losses.
Eurofound (2004), Valiance, Bankruptcy in France, factsheet number 60136, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/60136.
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