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.
Alter television, one of the most well-known tv channels in Greece, filed for Bankruptcy resulting in the dismissal of its 620 employees. According to the media sources, Alter TV stopped paying its 620 employees in February 2011, and the company filed for protection under Article 99 of the bankruptcy code in August. It had debts to lenders amounting to about €550 million, and other loans and obligations making total liabilities amount to a full €1 billion.
Alter's employees have gone on strike 3 times in the last year, while, since November, 10th, 2011 have stopped the channel's programme and have replaced it with a card instead, which informs the viewers of their bosses choices. They are also guarding their workplace day and night, making sure it's closed and demanding their wages. The text in the channel's programme also informs viewers about struggles in other workplaces.
The owner of Ater tv issued a statement according to which the proposals offered to the employees (voluntary exit to 250 employees undertaking of about 5 million euros -accruals and allowances), were rejected by their representatives and added that more than 10 millions of euros have been allocated, from own sources, in the last 12 months in order to cover operational costs. Interim administration was set at Alter on 17/1/2012 by injunction of the Instance Court of Athens.
Eurofound (2011), Alter Channel, Bankruptcy in Greece, factsheet number 72975, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72975.
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