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 early January 2003, Metaleurop refused to invest in its Metaleurop Nord's branch.
January 27th 2003, Metaleurop Nord declare to be insolvent. The Department court of Béthune gave a three months observation phase to find a rescue plan.
The bankruptcy also affects subcontractors in the region. Rough estimations provide a range between 240 and 800.
In early April 2003, the social plan has been conclude between trade unions and direction. Each workers will receive 15,000 euros, 127 dismissed jobs will be early retirements and 2 redeployment units will be created for 24 months. This social plan costs 30 millions euros and is financed at 80% by the French state.
Eurofound (2003), Metaleurop Nord, Bankruptcy in France, factsheet number 59659, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/59659.