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.
LDV, the Birmingham-based van maker, went into administration with the loss of 810 jobs on 8th June 2009. PricewaterhouseCoopers has been appointed administrator. The company employed 850 people at their offices and plant in Washwood Heath, Birmingham; of these a skeleton staff of 40 will be kept on to maintain the site. The job losses were blamed on the downturn in the market, and the lack of working capital. The companies had already made the vast majority of their staff redundant last December after the closure of the plant. LDV had previously applied to go into administration in April, after five months of unsuccessfully trying to secure a loan, but withdrew this when a potential buyer, Malaysian company Weststar, came forward. The government had offered a £5m loan package to assist with this takeover, however Weststar said last week that they were unable to raise the necessary funds to continue. LDV management had then hoped to lobby parliament to secure a £60m loan but due to the cabinet reshuffle no ministers were available to meet them. PwC have said there are now three potential buyers, including Weststar, but did not give further details. "This is a bitter blow for manufacturing and the West Midlands," said Tony Woodley, Unite general secretary.
Eurofound (2009), LDV, Bankruptcy in United Kingdom, factsheet number 69079, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69079.
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