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.
Lithuanian-capital animal waste processing company Rietavo veterinarine sanitarija is to dismiss 123 employees in Rietavas and other different Lithuanian regions. Such information was provided by the Lithuanian Employment Service.
The main cause of the dismissals is the bankruptcy of the company that was announced by the the Authority of Audit, Accounting, Property Valuation and Insolvency Management under the Ministry of Finance of the Republic of Lithuania on 28 January 2021. The company is currently undergoing bankruptcy procedures and has already handed out layoff notices to all 123 employees. The company has debts of €16.8 million, a large part of which is related to the loss-making activities of another Arvi group company, Arvi kalakutai. The company will dismiss logistics managers, electricians, administrative and other staff.
Rietavo veterinarine sanitarija was established in 1987 as a state enterprise; in November 2002, the company was privatised by the group of companies Arvi ir ko and became a private limited liability company. It is the only animal waste utilisation and processing company in Lithuania.
Eurofound (2021), Rietavo veterinarinė sanitarija, Bankruptcy in Lithuania, factsheet number 103551, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103551.