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.
On 28 July, the Ministry of Economy, explained they are no chances to save the construction company Socimmo (470 employees) which will be liquidated. All employees - 340 on permanent employment contract and 130 temporary workers - will be dismissed as of 1 September 2011.
Aside from liquidity difficulties, another problem is due to the company's too fast growth since 2009, which led to the appointment of 120 new staff.
The banks refused to help the firm which has a debt of over 600,000 euro. The employees have not received their salary in June, July and August for a total amount of 3 million euro. According to the trade union LCGB, the ministry of Labour said that the salaries will be paid in August.
Eurofound (2011), Socimmo, Bankruptcy in Luxembourg, factsheet number 72259, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72259.
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