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.
Sabena Technics, specialised in plane maintenance, is part of the former Sabena group, now gone bankrupt. It is waiting for a takeover bid, but has experienced heavy losses during the past year. In order to reach solvency by the end of the year, the company is undergoing a restructuring programme, called ‘renaissance', which involves the redundancy of 170 employees by the end of July. Unions have greeted this announcement with realism, prefering ‘170 redundancies now than 1,300 later'. After negotiations with unions, management has announced on 14 July 2004 a reduced number of redundancies, amounting to 140. 100 will be compulsory redundancies while there will be 20 contracts naturally coming to an end, and voluntary departures as well as retirement measures and unpaid leaves.
Eurofound (2004), Sabena Technics, Internal restructuring in Belgium, factsheet number 60331, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60331.