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.
Sabiedrība IMS, a Latvian fish-processing company operating a factory in Mērsrags, went bankrupt after losing access to its main export market in Russia and failing to establish sufficient sales in alternative markets. The factory produced canned fish, including sprats, and employed around 200 people.
An electricity supplier petitioned for the company’s insolvency in 2017 amid substantial debts and mounting losses. In 2018, Latvia’s employee claims guarantee fund paid €248,268 to cover outstanding claims for 171 employees. Following the bankruptcy, production equipment was auctioned off. The company was formally dissolved on 17 February 2022.
Eurofound (2018), Sabiedrība IMS, Bankruptcy in Latvia, factsheet number 301084, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/301084.
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