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.
Spanish airline Air Comet ceased operations on 21st December 2009 and the day after the Spanish government withdrew Comet's operating license because the airline lacks the financial means to continue flying. The airline plans to lay off all 700 employees and file for bankruptcy.
Madrid's Merchant Court 8 has authorised the laying off of 700 Air Comet employees who, from now, will begin receiving unemployment benefit and may make requests to Fogasa (the "Wage Guarantee Fund") for salaries owed by the company, in accordance with the order entered on 17 May 2010.
Eurofound (2009), Air Comet, Bankruptcy in Spain, factsheet number 70010, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70010.