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.
Emtunga Offshore filed for bankruptcy on 17 December 2008. The company did not have the financial basis to support its operations. The closure is due to the fact that the company's largest customer - MPF Corp. Ltd - became insolvent and not able to fulfil its commitments to Emtunga Offshore and also to the impact of the global financial crisis that led to a weaker market climate and delayed projects.
Emtunga Offshore AB is an independent subsidiary of Pharmadule Emtunga. The parent company and other companies in the Group are not affected by the bankruptcy. Emtunga Offshore had 75 employees in Arendal, Gothemburg, and 65 employees in Vara.
Emtunga is a supplier of advanced modular facilities for the offshore and marine industries. The company produces service modules such as fixed platforms, jack-up rigs and accommodation vessels.
Eurofound (2008), Emtunga Offshore, Bankruptcy in Sweden, factsheet number 68216, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68216.
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