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.
The Estonian State-owned airline Nordica will close and file for bankruptcy after a potential investor backed out of a deal earlier this week. Until 2019, the airline flew under its own name but since then have offered outsourcing services for other airlines. The decision to privatise the company was made in the end of 2023 but after SAS airline ended its cooperation with Regional Jet, the subsidiary of airline Nordic Aviation Group, the plan failed. Nordic Aviation Group employed 579 people in October, of those 286 were employed in Estonia. On Friday, 24.11., Nordica already announced the redundancy of 176 employees.
Eurofound (2024), Nordica , Bankruptcy in Estonia, factsheet number 201973, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201973.