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.
On February 1, 2022, the government announced a public tender process for the purchase of Larco General Mining & Metallurgical Co. S.A. and the termination of 1,060 employees.
According to the terms of Article 21 of Law 4664/2020, the firm was placed under special financial administration on February 12, 2020, and it remained closed as of April 29, 2021.
In mid-June, the Greek Parliament legislated a special regime for the dismissal of Larco employees by the special administrator.
On July 26, 2022, by decision of the Ministry of Environment, an amount of EUR 22,376,921.76 was approved for the payment of redundancy payments for all the company's staff (1,061 employees) and five employees who died during the Special Management period.
The cost of compensation was covered by the State, while out of the 1,060 employees it is estimated that about 400 workers will work in Larco with short fixed-term contracts of up to 5 months, as long as the special management is in force, while 100 persons are estimated to be able to retire.
Larco was one of the oldest Greek companies founded in 1963.
Eurofound (2022), Larco, Closure in Greece, factsheet number 107235, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107235.
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