Type
Bankruptcy
Country
France
Region
Nord - Pas-De-Calais;
Location of affected unit(s)
Noyelles-Godault
Sector
Manufacturing
Manufacture Of Basic Metal And Fabricated Metal Products
Manufacture Of Basic Metals
24.5 - Casting of metals

830 jobs
Number of planned job losses
Job loss
Announcement Date
27 January 2003
Employment effect (start)
1 April 2003
Foreseen end date
1 May 2003

Description

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 B├ęthune 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.


Sources

  • 4 April 2003: Le Soir

Citation

Eurofound (2003), Metaleurop Nord, Bankruptcy in France, factsheet number 59659, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59659.