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 13 December 2011, aluminum producer Zalco filed for bankruptcy leading to 610 job losses. Since then, it had remained unclear what would happen to the employees.
On February 2nd the receiver company declared that the chances of a takeover were small and that the employees were going to be dismissed. There is some chance that two departments of the firm can continue. The bankruptcy is due to high energy prices (Zalco was the second biggest consumer of electricity in the Netherlands) and low revenues.
Employees will be supported through funding from the Ministries of Economic affairs and Social Affairs and Employment in the province of Zeeland, amounting to € 800,000.
As reported, the Netherlands applied for assistance from the European Globalisation Adjustment Fund (EGF).
UPDATE 10.08.2012: It was announced that employees will be supported by a 1.5 million Euro fund. Moreover, in June parts of Zalco were taken over for a restart, resulting in the safeguarding of 80 jobs.
Eurofound (2011), Zalco, Bankruptcy in Netherlands, factsheet number 73122, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73122.
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