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.
Five-star Regency Palace hotel is to close and more than 110 workers will lose their jobs. Company's debts estimated at 40 million euro are the main reason given for the dismissals. The hotel's executive has issued a statement saying that they did what they could to avoid the closure and deploring the "highly negative decision" of the creditor banks for Madeira tourism image. Workers will receive nine thousand euro from the Wage Guarantee Fund and will be in a position to claim compensations to be paid through the sale of the estate.
Eurofound (2015), Regency Palace, Closure in Portugal, factsheet number 83914, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/83914.