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.
Cell phone operator Wind Hellas announced a voluntary retirement program for 199 employees.
Wind Hellas, the third-biggest network operating in Greece in terms of subscribers announced Monday, November 30, 2009 a voluntary exit program which is part of the operator's restructuring plan started early this year. The plan which is addressed to 199 employees out of a total of some 2,000 workers, mostly from the financial, technical, IT and customer service sectors, is expected to be concluded by December 4th, 2009.
The employees entitled to take advantage of the program will have to have worked at least eight years with Wind and, on top of their legal compensation, will receive a lump sum amounting to a maximum of 16 monthly salaries for those with experience of 13 years.
Company officials spoke of a fair and socially acceptable solution that has no precedent in the private sector. They stressed the effort by the firm's new administration to persuade its owner of the necessity of the measure.
The move was seen as essential for Wind after its decision to launch a capital restructuring to the amount of 1.4 billion euro. Operating costs have to be cut back for Wind to pay its debts.
WIND Hellas is today one of Greece's largest telecommunications operators with an annual turnover of €1,26 billion for 2008 and more than 6 million customers in mobile and fixed telephony as well as in broadband services. It was founded in 1992 as a subsidiary of Telecom Italia and ever since it was established as one of the technology leaders of the Greek mobile telephony market due to its innovative products and services.
Eurofound (2009), Wind Hellas, Internal restructuring in Greece, factsheet number 70007, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70007.
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