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.
Fosen Yard AS, a shipyard in Trøndelag, Norway, has declared bankruptcy, affecting 132 employees. The bancruptcy resulted from substantial cost overruns on recent projects, particularly the electrification of a ferry. The company's revenue in 2022 decreased by 29% to 202 million kroner, leading to a sizable accumulated deficit. The company had a debt estimated at around 100 million kroner. Despite efforts to negotiate with stakeholders, Fosen Yard could not find a viable solution. The bankruptcy process will entail formal dismissal of all employees in the bankrupt production company, although the holding company remains and the management still aims to explore future possibilities and express hope for finding new solutions that may lead to resumed production at the site.
The estate manager will inform employees on the process in an information meeting later this week.
Eurofound (2024), Fosen Yard, Bankruptcy in Norway, factsheet number 200729, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200729.