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.
After the merger between Astilleros Españoles S.A. (AESA) and Empresa Nacional Bazán, Izar became the second shipbuilding company in Europe. The new group lost about €30 million last year and announced a restructuring plan affecting 400 jobs at their plants of Sevilla and Cadíz. On 12 May 2004, the European Commission announced Izar should pay back €500 million the company had received in the preceding years. The government, through its industrial holding SEPI, decided to create a special commission in order to study possible restructuring measures of the company and the effects of the European Commission's request. The report of the special commission of the Spanish industrial holding SEPI announced that Izar will pay back the €500 million of public aids received from European funds and that the company will adopt an industrial plan. Labour representatives favour the continuing of the company as a public holding. On December 2004, a new industrial plan was announced.
Eurofound (2004), Izar, Internal restructuring in Spain, factsheet number 59203, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/59203.
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