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.
In October 2005, Terom Iasi (Iaşi county, Nord-Est region) manufacturer of synthetic products (textile fibres and threads, technical wire, foils), with 1,855 employees, announced the intention to cut 1,113 jobs from 1 November 2005. The restructuring process was the outcome of a restructuring programme drawn up in agreement with the Board of Administration. To diminish the social impact, the government has approved redundancy pay, depending of length of service, according to Emergency Ordinance no. 8/2003.
The company had been privatised previously, but in March 2005, the Authority for State Assets Recovery (Autoritatea pentru Valorificarea Activelor Statului, AVAS) rescinded the share-sale contract for Terom Iasi, as the buyer had failed to make the full payment of the second instalment for the shares. As result the company come back in the ownership of AVAS.
In spring 2006, AVAS sales again Terom by components and enclosed it on the list of the companies for which the insolvency procedure was suspended. The synthetic fibers unit, with 385 employees, was purchased by the Italian company BiVaFil.
In April 2007, as result of financial problems, the synthethic fiber unit representatives announced the intention to cut all 385 jobs. AVAS announced the intention to start the liquidation procedure for the sythethic fiber unit of Terom this summer.
Eurofound (2007), Terom, Internal restructuring in Romania, factsheet number 62673, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62673.
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