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.
Siaco, a footwear manufacturer is closing its factory with 100 workersin São João da Madeira - North Portugal.
According to the Court of Oliveira de Azemeis, the company has already been formally declared insolvent. Siaco's management exposed a list of companies as creditors in court. Interested parties, including workers, have 30 days to claim possible credits.
According to the trade union (SNPIC) the workers do not know the reasons for the insolvency process, since there was never any lack of orders and the wages were always paid on time.
Eurofound (2023), Siaco, Bankruptcy in Portugal, factsheet number 108477, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108477.