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.
Nicolina, a manufacturer of equipment for mines, quarries and constructions, elevators and conveyor belt located in Nord-Est region, Iaşi county, was going through a massive restructuring that will now result in its closure.
Nicolina is in the portfolio of the Authority for State Assets Recovery (Autoritatea pentru Valorificarea Activelor Statului, AVAS). The financial year 2004 ended for Nicolina with losses exceeding 174 billion old lei (around €4.3 million) and accumulated debts to the state totalling €9.3 million euro. Suppliers were not paid, and employees did not receive wages for 10 months. In November 2005, a restructuring programme was initiated, that included the dismissal of about half of the workforce (400-500 out of 860) and put the company under special administration. Government Decision no. 1188 of 5 October 2005 approved redundancy pay for the employees set to lose their jobs. However, as the Parliament deputy Relu Fenechiu declared, this would only solve the company's difficulties partly.
In June 2006, the Management Board of the Authority for State Assets Recovery (AVAS) has approved the sale of two operational modules of the company Nicolina Iasi. The two assets are the Factory for Construction Tools Equipment and Street Pavement Tools and Equipment. Instead of 400-500, now a total of 700 persons are programmed to be laid off in two stages till October 1, 2006, according to the restructuring programme: 540 in the first stage and 160 in the second stage.
Eurofound (2006), Nicolina, Internal restructuring in Romania, factsheet number 62407, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62407.
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