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 Austrian airline Niki was declared insolvent on the 13th of December 2017 as a consequence of the bankruptcy of its holding company AirBerlin in August earlier this year (see EF AirBerlin 2017). According to trade union representatives, up to 1,000 employees are in danger of being made redundant. Previous efforts to sell Niki to the German competitor Lufthansa have failed. Lufthansa showed interest to integrate Niki into its subsidiary Eurowings but withdrew from the deal as EU competition authorities signalled that the acquisition might not be approved.
For the moment, the airline has ceased all its operations. Negotiations with potential investors and buyers (amongst those are the Swiss PrivatAir, Ryanair, Condor and founder and former owner of Niki airlines Niki Lauda) are currently on the way. Meanwhile other airlines, such as Eurowings and Austrian Airlines, have offered affected employees jobs. Both are looking for qualified personnel to meet an increase in capacities as formerly reported by Eurofound (EF AUA 2017, EF Eurowings 2016). Also the Austrian national railways, ÖBB, showed interest in recruiting staff from Niki.
Eurofound (2017), Niki Luftfahrt GmbH, Bankruptcy in Austria, factsheet number 92844, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/92844.
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