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 Polish manufacturer of steel foundation for offshore windfarms ST3 Offshore has declared bankruptcy. This announcement implies that 185 employees will lose their jobs at the production facility in Szczecin, Poland, by the end of May 2020, and the company's assets will be sold by a trustee. According to the local authorities, the bankruptcy is a consequence of managerial mistakes made by the representatives of the state treasury.
ST3 Offshore, founded in 2012, is a joint-venture of two partners: the state-owned MARS Closed-End Investment Fund (80% of shares) and ST3 Holding GmbH (20% of shares), a company belonging to the Munich VTC group.
Eurofound (2020), ST3 Offshore, Bankruptcy in Poland, factsheet number 100706, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100706.