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.
Construction firm Fonorte - Afer Group's second largest company - is negotiating with its creditors the settlement of its 13.9 m euro debt. Yesterday, the company, which has nearly 120 staff, presented an insolvency file to the Bilbao Court - the process prior to creditors' meeting (formerly, bankruptcy protection) - after declaring that it is insolvent "primarily as a result of the severe economic crisis ravaging the industry".
Fonorte operates in construction, building and civil engineering works sector. Its projects include the Barakaldo skyscraper in the San Vicente district, the Isozaki towers in Bilbao and the BEC tower in Barakaldo. The company is currently building the skyscrapers for Iberdrola's new headquarters in the Biscayan capital. Within Afer Group, only the subsidiary In Situ (working in concrete structures and with more than 700 employees) has a larger workforce than Fonorte.
Company sources have said that the support of creditors will enable the company to continue its business activities. Afer's subsidiary now needs to present its creditors with a viability plan, based on commitments transferred from the insolvency stage, as well as an employment regulation file, which will involve cutting 120 direct positions in the company.
Eurofound (2010), Fonorte, Bankruptcy in Spain, factsheet number 70580, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70580.
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