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 30 December 2013, aluminium producer Aldel filed for bankruptcy. All 300 employees will lose their jobs. Background is the decision of energy provider, Eon, to stop delivery of electricity, after Aldel appeared not to be able to pay the bills. Aldel has been trying to lower the energy costs, which are some 25% higher than in neighbouring Germany.
Some cost reduction measures had been taken by the Ministry of Economic Affairs earlier in 2013, but appeared not to suffice. Shareholder Klesch, a UK investment company, was not prepared to invest extra money as had been the case also in 2011 when aluminium producer Zalco was declared bankrupt.
Eurofound (2013), Aldel, Bankruptcy in Netherlands, factsheet number 76383, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76383.