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.
Galați Power Station (Electrocentrale Galati, former AcerlorMittal) a large thermal power plant located in Galaţi, South-Eastern Romania, announced a restructuring of 205 jobs by the end of August 2020. The restructuring process is due to the different commercial and economic constraints and due to the insolvency process which started in 2014.
The dismissed employees will receive severance pay , on average 37,000 lei (€7,620.35 as at 14/09/2020) net, according to the the collective bargaining agreement currently in place.
Galați Power Station (Electrocentrale Galati) has drafted a reorganisation plan, which has not yet been approved by its sole shareholder, Electrocentrale Group, which is 100% controlled by the Ministry of Economy. Specifically, the Group did not participate in the shareholders’ general meeting which took place on 2 July 2020. As a result, the reorganisation plan cannot be served in the court for the time being.
The trade union has not provided any public commentary following the announcement made by management.
Eurofound (2020), Electrocentrale Galati, Bankruptcy in Romania, factsheet number 101682, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101682.