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.
JLM Grupa has announced that it will dismiss 190 employees, including 74 working at the factory in Liepaja and another 116 at the factory in Jelgava. Due to the debts accumulated towards the Latvian natural gas utility Latvijas Gaze, supplies to both plants have been cut, thus the production is discontinued.
JLM Grupa was established by joining two bakeries Jelgavas Maiznieks and Liepajas Maiznieks in 2005. On 30 July 2008, Jelgava Court announced JLM Grupa insolvent as of 17 July 2008.
The company insolvency administrator Guntars Birsans said that the liabilities of the company amount to 4.1 million EUR. The biggest creditors of JLM Grupa are Hansabanka 1.5 million EUR and the State revenue service with a tax debt amounting to about 850,000 EUR. He also said, that employees have not received their wages for July, and the company does not have the money to pay its debts.
Eurofound (2008), JLM Grupa, Bankruptcy in Latvia, factsheet number 68270, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68270.
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