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 aeronautical equipment manufacturer Figeac Aéro has announced to staff representatives a voluntary departure plan followed by an employment safeguard plan to cut 320 jobs out of the 966 employees on permanent contracts (and 30 on fixed-term contracts) at its main site at Figeac (Lot). The workforce reduction will be implemented in January 2021 after consultation with the social partners. The subcontractor, which was hit by the crisis in the aviation sector, posted a net loss of €55.5 million for its 2019-2020 financial year ended end March, including a €40.1 million charge for asset impairment. At the same time, the group is going to negotiate with the trade unions to extend the short-time working scheme which affects half the workforce. It wants to introduce the new system of partial long-term short-time working, which will enable employees to be unemployed for 40% of their working time by receiving 70% of their gross salary for two years. The group has reduced its workforce from 3,600 employees last March to 3,000 today, including about 1,800 in France. Bearing a debt of €282 million in March 2020, it obtained a state-guaranteed loan of €80 million euros which secures its cash flow for two years.
Eurofound (2020), Figeac Aéro, Internal restructuring in France, factsheet number 101872, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101872.
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