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.
In January 2022, Croatian telco Hrvatski Telekom and Zagrebacka Banka sold their 54.31% stake in fixed internet and pay-tv services provider OT-Optima Telekom to Telemach Hrvatska. Subsequently, a restructuring was organized and the local unit of Dutch multi-play and media provider United Group, announced on 6 August 2022 the lay-off of 120 workers as a part of its restructuring plan.
A year after the purchase and the investment announcement, as a part of a restructuring plan, mass layoffs of 120 of Optima Telekom's 300 workers were initiated. Until now, some workers have been offered personally conditional dismissal, but nowadays the collective redundancy procedure has started.
The Croatian Telecommunications Trade Union (CTTU) has hired a law firm that has been involved in monitoring the acquisition process. The CTTU firmly believes that such behaviour is contrary to recent judicial practice and EU directives, especially the Directive 2001/23 on Transfers of Undertakings. The CTTU will provide legal protection to all its members.
Eurofound (2022), Optima Telekom, Merger/Acquisition in Croatia, factsheet number 107212, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107212.
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