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.
Barcelona-based Textile company Sati will apply for a redundancy procedure (ERE) affecting 169 of its 256 of total staff.
As announced, a liquidation process has already beed launched and there are two companies purchasing its production units offering to 87 employees the possibility of redeployment to their sites.
According to the sources, the plan envisages compensation by dismissal equal to 20 days per year worked up to a maximum of 12 months.
The works council is opposed to the plan.
Update 17-10-2013: The final plan envisages the dismissal of 155 employees and the redeployment of 92 employees at the sites of the companies acquiring part of the company.
Compensation will be equal to 20 days per year worked up to a maximum of 12 months and additional compensation will be provided for the loss of unemployment protection due to the temporary redundancies implemented in 2009, 2010 and 2011.
Eurofound (2013), Sati, Bankruptcy in Spain, factsheet number 75968, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75968.
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