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.
End of March 2005, the management of IAME Group in Sfântul Gheorghe (Covasna county, Centru region) initiated bankruptcy procedures, as a result of insolvency. The explanation at the time was that competition on the electric car engine market was too high given the emergence of 50% cheaper Chinese products. The manager feared that all the 1,000 employees could be made redundant.
Starting May 2005, over 840 of the group's employees were made redundant.
In November, the trade union leader announced that the start of company bankruptcy procedures has been delayed. He declared that by all indications the factory will be saved, after the Creditors' Commission was set up on 28 October and its members withdrew their claim to declare the company bankrupt and assigned the company management to draw up a restructuring programme.
Established in 1973, IAME manufactures electric engines, electric and household appliances (grinding machines, saws, pumps, hydrophores).
Eurofound (2005), IAME Group, Internal restructuring in Romania, factsheet number 62679, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62679.
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