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.
In November, the Italian investment found, Seven Group, announced its recovery plan for Air Littoral. The plan, implying a float brought back from 32 to 17 planes and 251 dismissals, was later rejected by the Commercial Court of Montpellier. On February 6 2004, the Alain Duménil group made an offer for take over the airline, further reducing the float to 10 planes and inducing an additional 152 job losses. This last offer was also finally rejected and the closure of the company pronounced by the Court on February 18. In total 807 people are to loose their job and the company leaves behind an important debt towards an estimated 300 suppliers. A reconversion unit is to be set up, but unions' representatives point out that after the closures of Air Lib, Aéris, and Air Atlantique, there are about 800 experienced pilots on the labour market.
Eurofound (2003), Air Littoral, Closure in France, factsheet number 59631, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/59631.