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.
Romanian Authority for Nuclear Activities (RAAN) Drobeta Turnu Severin announced the redundancy plan affecting 2,045 jobs. The job cuts will be implemented in two stages: the first stage will be completed by 30 October 2015 and will affect 1,525 employees and the second stage affecting 520 jobs will be implemented in 2016.
The RAAN entered an insolvency procedure in September 2013, on debts over 150 million euro. Other debts amounting to over 15 million euro were accumulated during insolvency.
In July 2015, the redundancy plan for 2,045 employees, which had been proposed by the Tudor & Asociatii liquidator, was approved. The plan is to be implemented as of October 2015, when 1,525 employees will be let go. The second phase is to be implemented as of August 2016, when another 520 employeeswill be made redundant.
According to the Government Emergency Ordinance no. 36 from 2013 on the implementation in 2013-2018 of social protection measures to persons affected by redundancies made under redundancy plans, approved and modified by Law no. 259/2013, dismissed persons have, among other rights, the right to supplementing monthly income .
The supplementing monthly income shall be determined as a difference between the average net earnings paid individually to the employee for the last 3 months before the dismissal and the amount of the unemployment benefits. The supplementing monthly income shall be established on the basis of the clauses included in the individual employment contract and shall not exceed the net average national income in January of the dismissal year as announced by the National Institute of Statistics.
The trade union has reacted by organising a series of street protests, but the decisions have not changed.
The RAAN was established under the Government Decision No. 365/02.07.1998 and it produces heavy water needed for the electricity production in nuclear reactors of the Cernavoda nuclear power plant as well as thermal energy.
Eurofound (2015), Regia Autonoma pentru Activitati Nucleare, Bankruptcy in Romania, factsheet number 88248, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/88248.
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