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 Institute of Immunology Zagreb, manufacturer of immunobiological medicines, has gone bankrupt and will dismiss 200 of its total 356 employees.
CEO Davorin Gajnik has made an appeal to the Commercial Court, which should make a decision regarding the suspension of the bankruptcy proceedings within a two month period. Gajnik states that he found a plasma manufacturer outside Croatia that could process the 30,000 litres of plasma supply owned by the Institute of Immunology.
In 2013, the Institute lost a manufacturing license for the production of medicines derived from human blood (or human plasma) and a serum of animal origin, resulting in a loss of 80% of its revenue. By finding these new manufacturers of plasma the Institute could potentially be granted a transition period in which it could move to a new location in Sveta Nedelja (not far from Zagreb) where it would be able to continue production. This option had been available previously, but the government did not approve the HRK 200 million (EUR 26.3 million) funds for the relocation operation.
The employees of the Institute have been given a notice period ending on 8 February 2014.
The Institute of Immunology is a public company owned by the Croatian Government one of the world’s biggest and oldest manufacturers of immuno-biological medicines.
Eurofound (2014), Imunoloski zavod (The Institute of Immunology) Zagreb, Bankruptcy in Croatia, factsheet number 76413, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76413.
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