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.
The tour operators and tourist services conglomerate, Orizonia will launch a Redundancy Procedure affecting around 4000 employees (70% of workforce).
The company is currently negotiating the sale of different divisions of the conglomerate, which could safeguard around 800 jobs. The employees were informed in writing, while many were asked not to return to work. The company has not guaranteed that the employees will receive wages for February.
Orizonia had signed a merger with Globalia in December, but the agreement fell through due to the crisis, as well as objections from the Competitiveness committee.
UPDATE 05-04-2013: An ERE (collective dismissal regulation) was signed affecting 2,347 employees.
Eurofound (2013), Orizonia, Bankruptcy in Spain, factsheet number 74951, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74951.
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