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 Salzburg based Austrian construction company Alpine Bau, which had become insolvent in June 2013, will be closed down, making its 4,905 employees redundant. The insolvency of the company, which is part of the Spanish construction group FCC, is due to liabilities of around EUR 2.6 billion. An envisaged out-of-court restructuring failed earlier, which made the company file for insolvency.
The company now faces a break-up as regional competitors are to take over parts of the company's employees and construction sites: Porr is to take over the company Alpine Bemo Tunnelling with some 247 employees, Habau Hoch- und Tiefbau is to take over 820 employees, Swietelsky is to take over construction sites with about 500 employees, Hinteregger & Söhne Bau are to take over about 480 workers, Hans Bodner Bau is to take over about 300 out of 450 workers in Tyrol. This accumulates to about 2,350 employees which will be taken over by competitors.
Some more employees will be taken over by different companies, according to the labour minister Mr Hundstorfer, so that all together, some 2,500 to 2,600 jobs will be saved. By the end of the year, all employees will be made redundant.
Update 18 July 2013: The take over by Hinteregger & Söhne Bau has failed.
Update 21 July 2013: The Granit company is to buy the Alpine subsidiary Klöcher, thus saving 160 jobs in Styria.
Update 22 July 2013: Porr is to take over a further 64 employees by Alpine.
Update 24 July 2013: The Styrian K.E.M. Bau is to take over another Alpine subsidiary, thus saving 140 jobs.
Update 26 July 2013: As of 25 July 2013, 3919 out of 4905 former Alpine employees (82%) in Austria have been employed by other construction companies. However, it is questionable how sustainable these jobs will be.
Eurofound (2013), Alpine Bau, Bankruptcy in Austria, factsheet number 75600, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75600.
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