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 25 September 2013 travel agency Oad was declared bankrupt. For 1,750 employees a dismissal permit was declared.
On 30 September it became clear that several parts of the organisation may escape liquidation. The former director of the bus division, with the help of an investment company, will continue the bus activities, saving 200 jobs, out of a total of 252. As reported, the activities are continued by entrepreneur Frans Schuitemaker, with the help of an (as yet unknown) investment company.
The division organizing cultural holidays will be continued by its former owner, saving another 50 jobs. Also, the business travel section will be continued, saving yet another 40 (out of 53) jobs. These activities will be continued by Munckhof, which operates in the same market. Finally, on 2 October 81 travel buraeus of the Globe-division of Oad were bought by competitor D-reizen, saving 250 jobs out of a total of 800.
The bankruptcy came as a big surprise, although it was clear that Oad was going through difficult times.
Earlier, in March 2013, 181 jobs were lost (see here).
As reported, the national travel guarantee fund assisting travellers in cases of travel agencies bankruptcies, expects that it will have to pay up to 20 million euros to cover the damages travellers have experienced.
Eurofound (2013), Oad, Bankruptcy in Netherlands, factsheet number 75912, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75912.
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